World Bank: Remittances to Developing Countries Declined In 2023

  • International
  • 27 June 2024
1

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)

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