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WASHINGTON, Nov 30, 2022 — Remittances to low- and middle-income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5% to $626 billion. This is sharply lower than the 10.2% increase in 2021, according to the latest World Bank Migration and Development Brief. Remittances are a vital source of household income for LMICs.
Remittance flows to South Asia are estimated to have grown 7.2% in 2023 to reach $189 billion, tapering off from the over 12% increase in 2022. The increase is attributable entirely to remittance flows to India, which are expected to beat previous forecasts by $14 billion and reach $125 billion in 2023. The key drivers of remittance growth in ...
WASHINGTON, Nov 17, 2021 — Remittances to low- and middle-income countries are projected to have grown a strong 7.3 percent to reach $589 billion in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent despite a severe global recession due ...
Officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total of $548 billion, according to the latest Migration and Development Brief. The decline in recorded remittance flows in 2020 was smaller than the one during the 2009 global financial crisis (4.8 percent).
Among other important contributions, KNOMAD shined a global light on the remittances agenda. During its first phase (2013–18), KNOMAD advocated for the creation of SDGs related to migration and remittances (10.7.1; 10.c.1; and 17.3.2). It was influential in G7 discussions and in the negotiations that resulted in the Global Compact on Migration.
Other top global recipients in the region were Pakistan (ranked 5 th) and Bangladesh (7 th) with remittance inflows in 2022 reaching $30 billion and $22 billion, respectively. Among the countries with remittance inflows that form a significant part of GDP, Nepal ranks 9 th globally with remittances equal to 23% of GDP in 2022. In 2023 ...
Excluding China, remittance flows to the region are projected to grow by 3.2% in 2024. The cost of sending $200 to the region averaged 5.8% in late 2023, with costs as high as 17.1% in the most expensive corridor. Remittances to Europe and Central Asia fell by 10.3% to $71 billion in 2023. The decline was driven by reduced transfers from Russia ...
Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017. Regionally, growth in remittance inflows ranged from almost 7 percent in East Asia and the Pacific to 12 percent in South Asia. The overall increase was driven by a stronger economy and employment situation in the United ...
But economies dependent on flows from Russia will see major declines. WASHINGTON, May 11, 2022 — Officially recorded remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent this year to reach $630 billion. This follows an almost record recovery of 8.6 percent in 2021, according to the World Bank ...
Over the last two decades, the WBG has contributed to the global payment systems knowledge agenda and has supported payment systems reforms in over 120 countries through: The development of Payments Systems Strategies and formulation of reforms. The establishment of appropriate institutional arrangements for central banks / other regulators for ...