The World Bank has suggested that the growth of expatriate remittances will slow down during the next year, with the continuation of adverse winds that still cast a shadow on the economies of countries due to the war in Ukraine and the accompanying alarming increases in costs. In a recent report, the World Bank warned of a two percent decline in the flow of money from workers abroad to their countries of origin.
The warning comes while the volume of remittances has increased by about 5 percent since the beginning of this year, to reach approximately $626 billion.
Remittances are a vital source of household income in low- and middle-income countries, helping to reduce poverty and build resilience, as well as improving school enrollment rates for children.
And the “World Bank” indicated that officially registered remittances increased in 2022 with the reopening of host economies and increased employment amid the recession of the “Covid-19” pandemic, but the rise in prices negatively affected the real income of expatriates. The bank's report showed that expectations of a strong growth rate for 2022 were clear because it came after an increase of 10.2 percent in 2021. Global remittance flows, including to advanced economies, are expected to reach $794 billion in 2022.
Source (Al-Arab Newspaper of London, Edited)
