India is the top receiver of remittances from abroad in 2007, followed by China and Mexico, according to the World Bank's Migration and Remittances Fact book 2008, released here Wednesday.
The top five recipients of migrant remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion) and France ($12.5 billion), according to the fact book.
For 2007, recorded remittances flows worldwide were estimated at $318 billion, of which $240 billion went to developing countries. These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.
"In many developing countries, remittances provide a life line for the poor," said Dilip Ratha, a senior economist, and author of the fact book with Zhimei Xu."They are often an essential source of foreign exchange and a stabilizing force for the economy in turbulent times."