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      Question

      According to the UN ESCAP report, which country is the

      world's largest remittance recipient, and what challenge does it face due to a 1% tax imposed by the USA on remittances since January 2026?
      A Philippines; potential loss of 5% remittances Correct Answer Incorrect Answer
      B Mexico; potential loss of 3% remittances Correct Answer Incorrect Answer
      C India; potential sizable loss of remittances Correct Answer Incorrect Answer
      D China; potential loss of 2% remittances Correct Answer Incorrect Answer
      E Egypt; potential loss of 4% remittances Correct Answer Incorrect Answer

      Solution

      The UN ESCAP report projected that India, the world's largest remittance recipient in 2024, could face a sizable loss as the USA has imposed a 1% tax on all remittances since January 2026. The report also noted that about 40% of remittances in India and the Philippines are used for essential spending, including medical expenses.

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