Remittances to developing countries to hit a record $528bn
The 11% jump in 2018 remittance growth — with India being the biggest recipient — was driven primarily by the strong US economy
Washington — Remittances to low- and middle-income countries are projected to jump by almost 11% this year to a record of $528bn in 2018, according to the latest edition of the “World Bank’s Migration and Development Brief”. This increase is on top of a 7.8% gain last year. When high-income countries are included, 2018 total global remittances are approaching $700bn this year and are expected to grow 3.7% to $715bn next year, as remittance to low- and middle-income countries are expected to grow at a slower pace of 4% in 2019. “The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth,” said Michal Rutkowski, senior director of the World Bank’s Social Protection and Jobs Global Practice. The strong economy and employment situation in the US was a key driver of remittance growth, according to the report, which specifically cited Latin America and the Caribbean, South Asia, and sub-Saharan Africa as...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.