Growth of remittance flows into India this calendar year is likely to decelerate to 0.2 per cent amid an economic slowdown in Organization for Economic Cooperation and Development (OECD) countries, said a World Bank report on Wednesday. The report also suggested a flat trend in remittance growth in 2024, as well.“Growth of remittance flows to South Asia in 2023 is expected to slow down to 0.3 per cent in response to an economic slowdown in the OECD countries, especially the high-tech sector in the United States, which affects demand for IT workers. Remittances to India which account for over 60 per cent of the region’s inflows are expected to grow by only 0.2 per cent in 2023,” the report said.
Read More : Slowdown in Developed World Expected to Impact India’s Remittance Inflows