With reference to the World Bank's 2024 data on global remittance flows, consider the following statements:
1. India is the world's top remittance recipient, followed immediately by China and then Mexico.
2. Over the past decade, global remittance flows to low- and middle-income countries have significantly outpaced Foreign Direct Investment (FDI).
Which of the statements given above is/are correct?

Question

Accepted Answer

B. 2 only — Statement 1 is incorrect because Mexico ($68 billion) is the second-largest recipient after India ($129 billion), followed by China ($48 billion). Statement 2 is correct; the World Bank reported that remittances to LMICs grew by 57% over the last decade, while FDI declined by 41%.

World Bank Remittance Flows Report 2024 Release

SC Recalls Bhushan Power Liquidation Order