World Bank: Remittances to Low, Middle-Income Countries Declined in 2023

Prime Minister visits power stations in Aden, directs implementation of measures to increase generation

Prime Minister Salem Saleh Bin Breik conducted Sunday a field visit to several electricity generation stations in Aden to inspect their current conditions.

Gaza Death Toll Rises to 55,297 Amid Ongoing Israeli Aggression

The death toll from the Israeli genocidal war on the Gaza Strip since October 7, 2023, has risen to 55,297, with 128,426 injured, the Ministry of Health in afflicted Palestinian enclave said. The majority of the victims are women and children.

U.S. President plans to increase tariffs on steel, aluminum imports

U.S. President Donald Trump confirmed his intention to increase tariffs on foreign imports of steel and aluminum from 25% to 50%, which will increase pressure on steel producers worldwide and threaten to escalate his trade war.

Portugal Wins UEFA Nations League Title

Portugal claimed its second UEFA Nations League title after defeating Spain 5-3 in a penalty shootout, following a 2-2 draw after extra time. The match, held in Munich, Germany, saw both teams create scoring opportunities, but it was Portugal's precision in the penalty shootout that ultimately secured the victory.

Last Update: ، 2025/06/16 Time 09:24:48
Latest News:

Newly Appointed Judges to Supreme Court Take Oath of Office

Health Minister Chairs Expanded Meeting of Medical Emergency Committee

Leadership Council Chairman Holds Phone Call with Djiboutian President

UN envoy calls on Security Council to exert maximum pressure on Houthis to release UN staff

Yemen Expresses Aspiration for Genuine and Sustainable Peace Based on Agreed upon References

World Bank: Remittances to Low, Middle-Income Countries Declined in 2023

[27/06/2024 06:57]

WASHINGTON - SABA
The World Bank announced that official remittances to low and middle-income countries declined in 2023 to an estimated $656 billion, after experiencing strong growth during the 2021-2022 period.

The Bank's latest Migration and Development Brief stated: "In 2023, remittances surpassed the levels of foreign direct investment and official development assistance.

Remittances to low and middle-income countries are expected to grow faster at 2.3% in 2024, although this growth will be uneven across regions."

Potential downside risks to these projections include a sharper-than-expected slowdown in economic growth in high-income host countries, as well as volatility in oil prices and exchange rates.

Efa Shereef, the World Bank's Global Director for Social Protection and Jobs, said: "Migration and the resulting remittances are core drivers of economic and human development, and many countries are interested in managing migration activities to address global demographic imbalances and labor shortages."