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2025/10/31
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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."
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."
Key words:
Remittances - " Potential - experiencing - development - Development - projections - remittances - demographic - WASHINGTON - activities -
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