India remains top remittance recipient in 2018

The UAE is one of India’s major source of remittances, where around three million Indian expats are based. (File/AFP)
Updated 09 December 2018

India remains top remittance recipient in 2018

  • India recorded $80 billion in remittance in 2018
  • China came in second with $67 billion, followed by Mexico and the Philippines with $34 billion each, and Egypt with $26 billion

DUBAI: Recording $80 billion in money sent home in 2018, India has cemented its position as the world’s top recipient of remittance.

The South Asian country, which is also one of the world’s top exporters of labor, recorded a 22.5 percent jump from last year’s figure, according to the latest World Bank report.

China came in second with $67 billion, followed by Mexico and the Philippines with $34 billion each, and Egypt with $26 billion.

Other South Asian countries also recorded improvements in remittances such as Bangladesh and Pakistan — 17.9 percent and 6.2 percent in 2018 respectively.

The World Bank Migration and Development Brief accords the increase to “stronger economic conditions in advanced economies,” as well as healthy outflows from some GCC countries like the UAE, which reported a 13 percent growth in outflows for the first half of 2018.

The UAE is one of India’s major source of remittances, where around three million Indian expats are based — the largest among the country’s foreign national communities.

According to a report by the Reserve Bank of India, 26.9 percent of total remittances to the country came from the UAE, followed by the US at 22.9 percent and Saudi Arabia at 11.6 percent.

India has been consistent in its remittance growth rate for the past three years — from $62.7 billion in 2016 to $65.3 billion in 2017, Khaleej Times reported.


Japan’s capital sees prices fall most in over 8 years as COVID-19 pain persists

Updated 27 November 2020

Japan’s capital sees prices fall most in over 8 years as COVID-19 pain persists

  • Tokyo core CPI marks biggest annual drop since May 2012
  • Data suggests nationwide consumer prices to stay weak

TOKYO: Core consumer prices in Tokyo suffered their biggest annual drop in more than eight years, data showed on Friday, an indication the hit to consumption from the coronavirus crisis continued to heap deflationary pressure on the economy.
The data, which is considered a leading indicator of nationwide price trends, reinforces market expectations that inflation will remain distant from the Bank of Japan’s 2% target for the foreseeable future.
“Consumer prices will continue to hover on a weak note as any economic recovery will be moderate,” said Dai-ichi Life Research Institute, which expects nationwide core consumer prices to fall 0.5% in the fiscal year ending March 2021.
The core consumer price index (CPI) for Japan’s capital, which includes oil products but excludes fresh food prices, fell 0.7% in November from a year earlier, government data showed, matching a median market forecast.
It followed a 0.5% drop in October and marked the biggest annual drop since May 2012, underscoring the challenge policymakers face in battling headwinds to growth from COVID-19.
The slump in fuel costs and the impact of a government campaign offering discounts to domestic travel weighed on Tokyo consumer prices, the data showed.
Japan’s economy expanded in July-September from a record post-war slump in the second quarter, when lockdown measures to prevent the spread of the virus cooled consumption and paralyzed business activity.
Analysts, however, expect any recovery to be modest with a resurgence in global and domestic infections clouding the outlook, keeping pressure on policymakers to maintain or even ramp up stimulus.