Remittances to low- and middle-income countries (LMICs) grew an estimated 3.8% in 2023, a moderation from the high gains of the previous two years. Of concern is the risk of decline in real income for migrants in 2024 in the face of global inflation and low growth prospects, according to the World Bank’s latest Migration and Development Brief released.
In 2023, remittance flows to LMICs are estimated to have reached $669 billion as resilient labor markets in advanced economies and Gulf Cooperation Council (GCC) countries continue supporting migrants’ ability to send money home.
By region, remittance inflows grew for Latin America and the Caribbean (8%), South Asia (7.2%), East Asia and the Pacific (3%), and Sub-Saharan Africa (1.9%). Flows to the Middle East and North Africa fell for the second year, declining by 5.3% mainly due to a sharp drop in flows to Egypt. Remittances to Europe and Central Asia also fell by 1.4% after gaining more than 18% in 2022.
