Stressing that they help reduce poverty and improve nutrition, as they are correlated with better outcomes for low birth weight and school enrolment among children from disadvantaged households, the World Bank said that these remittances to countries of origin help recipient households build resilience.
For remittances to countries in the Middle East and North Africa, the World Bank estimates that they have increased by 2.5% in 2022 to reach $63 billion, with a 10.5% increase over 2021. The report points out that this slowdown is partly linked to the erosion of real wages in the euro area.
As a percentage of GDP, remittances are important in Lebanon (38%) and the West Bank and Gaza (19%). Overall, flows to the region are expected to increase by 2% in 2023.
In 2023, flows are expected to slow further to 3.9% due to continued unfavourable conditions in the world and in the region’s source countries, the report says.
#World_bank #Migrant #Remittances
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