The World Bank estimated the volume of expatriate remittances coming to Lebanon at 6.9 billion dollars in 2020, to come in second place regionally, preceded only by Egypt, which reached 24.4 billion dollars in remittances.
According to World Bank estimates, Lebanon ranked first in the region in terms of the contribution of expatriate remittances to GDP, which reached 36.3% in 2020. Noting that the average cost of remittances coming to Lebanon from high-income countries within the Organization for Economic Cooperation and Development is still very high.
On the other hand, the World Bank revealed that remittances to the Middle East and North Africa region increased by 3.4% in 2019 to $ 60 billion. It is expected that these transfers will decrease by 8.5% in 2020 to $ 55 billion, and by 7.7% in 2021 to $ 50 billion in light of the global economic slowdown due to the Corona epidemic.
According to the World Bank, remittances from expatriates around the world increased by 3.2% in 2019 to $ 717 billion, and these remittances are expected to decline by 7% in 2020 to $ 666 billion. And by 7.1% in the year 2021 to $ 619 billion, as a result of the global economic crisis resulting from the outbreak of the Corona epidemic, which may last for several years.
Source (Al-Jumhuriya Lebanese newspaper, Edited)
