Washington, Mar 25 (PTI) India received remittances to the tune of USD 45 billion in 2008, making it the top recipient ahead of neighbouring China, according to a World Bank report.
However, remittances would decline by five to eight per cent this year to USD 290 billion, World Bank's 'Migration and Development Brief' said.
India received USD 45 billion in remittances last year followed by China, which got USD 34 billion, the bank said in a statement.
The other nations to receive high remittances include Mexico (USD 26 billion), Philippines (USD 18 billion) and Poland (USD 11 billion).
"Remittances will fall to USD 290 billion in 2009, from the last year's high of USD 305 billion.
"Even with a drop of 5-8 per cent, remittances will still outstrip private capital flows, expected to fall by half in 2009, and official development aid, typically around USD 100 billion," the multilateral lending agency said.
According to the World Bank, remittances flowing to developing countries from Russia, South Africa, Malaysia and India are "especially vulnerable to the rolling economic crisis". PTI
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