Pakistan witnessed a 7 percent moderate growth in its remittance inflow in 2018, standing at US$ 21,104 billion which had a 6.8% share in the Country’s gross domestic product (GDP), according to a latest remittances report released by the World Bank.
As per the World Bank, significant declines were recorded last year in inflows from Saudi Arabia, which remains Pakistan’s largest remittance source.
The report states that Pakistan with its 8 million diaspora recorded remittances as US$ 14,629 billion in 2013, US$ 17,244 billion in 2014, US$ 19,306 billion in 2015, US$ 19,808 billion in 2016, and US$ billion 19,689 in 2017.
However as compared to Pakistan, India and Bangladesh showed a ‘brisk uptick’ in remittances growth in 2018.
The World Bank report also states that last year, India with more than 14% growth received US$ 78,609 billion, and Bangladesh with 15% growth received US$ 15,496 billion.
Likewise, Nepal was the recipient of remittances worth US$ 8,064 billion in 2018, and Sri Lanka received remittances worth US$ 7,464 billion.
“Remittances to South Asia grew 12 percent to $131 billion in 2018, outpacing the 6 percent growth in 2017. The upsurge was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some GCC (Gulf Cooperation Council) Countries,” states the World Bank press release with the title “Record High Remittances Sent Globally in 2018” released on April 8, 2019.