Officially recorded remittance flows to low- and middle-income countries (LMICs) are estimated to grow by 1.4% to $656 billion in 2023 as economic activity in remittance source countries is set to soften, limiting employment and wage gains for migrants, according to the World Bank’s latest Migration and Development Brief released on June 13, 2023.
This edition of the Brief also revises upwards 2022’s growth in remittance flows to 8%, reaching $647 billion. In the post-COVID period of slower economic growth and falling foreign direct investments, remittance inflows have become more important to countries and households, given their resilience as a source of external financing, particularly for LMICs with high external debt.
At this online seminar, Dilip Ratha, Lead Economist, Migration and Remittances and Head of KNOMAD, presented the main points of the report.
8am-9am, Wednesday July 12, 2023 (Japan Standard Time)
Lead Economist, Migration and Remittances and Head of KNOMAD, World Bank