The World Bank revealed in its "Migration and Development Brief" report that after achieving strong growth in 2021-2022, official remittances to low- and middle-income countries witnessed a decline in 2023 to reach an estimated $ 656 billion.
The modest growth rate in remittances of0.7 percent reflects significant variations in their growth at the regional level, according to the Bank's report, but they remained a critical source of external financing for developing countries in 2023, boosting the current account accounts of many of those countries with food insecurity and debt-related burdens.
Remittances to low- and middle-income countries are expected to grow faster at 2.3 percent in 2024, although this growth will be uneven from region to region.
Source (Sky News Arabia, Edited)
