July 2

Report: Global Remittances Slowed in 2023, Seen Rising in 2024 — World Bank

By Surin Murugiah

After a period of strong growth from 2021 to 2022, officially recorded remittance flows to low- and middle-income countries (LMICs) moderated to an estimated US$656 billion (RM3.1 trillion) in 2023, said the World Bank.

In its latest Migration and Development Brief, released Wednesday, the bank said the modest 0.7% growth rate reflects large variances in regional growth, but remittances remained a crucial source of external finance for developing countries in 2023, bolstering the current accounts of several countries grappling with food insecurity and debt issues.

Photo courtesy of ICT4D.at.

Source: The Edge Malaysia (link opens in a new window)

Finance, Technology
financial inclusion, remittances