The recovery of the job markets in the high-income countries of the Organisation for Economic Co-operation and Development (OECD), following the onset of the COVID-19 pandemic, has been the key driver of remittances, particularly as employment growth during the recovery was more rapid for immigrants than for the native born (figure 1.3 for these trends in the United States). [...] The slackening in remittance growth relative to 2022 is attributable to a decrease in growth in 2023 in Saudi Arabia and Kuwait, and the halving of growth in the remaining GCC countries triggered by the drop in oil prices and production cuts in the OPEC+ countries. [...] Risks to the outlook include lower-than-expected growth in developed countries that will lead to a decline in remittances sent by the African diaspora; an escalation of the conflict in Israel-Gaza that could disrupt the supply chain; security risks in Burkina Faso, Chad, the Democratic Republic of Congo, Mali, Mozambique, and Nigeria; and climate risks including the pronounced drought in Southern. [...] The share of remittances in GDP in the remaining Pacific Island countries ranged from 12 percent in Vanuatu and the Marshall Islands to 5 percent in Kiribati and the Solomon Islands in 2023. [...] Notably, the cost of sending money to Ukraine in the fourth quarter of 2023 remained lower than the prewar level, ranging from 3.3 percent in Germany and 3.7 percent in the United States to 4.8 percent in the Czech Republic and 4.8 percent in Italy.
Authors
- Pages
- 55
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- United States of America
Table of Contents
- Contents 4
- List of Figures 4
- List of Tables 5
- List of Boxes 5
- Acknowledgments 6
- Overview 7
- Regional Trends 8
- 1. Trends in Remittance Flows 9
- 1.1 Remittances Continued to Grow in 2023 9
- Table 1.1 Remittance Flows to Low- and Middle-Income Regions 201725 9
- Figure 1.1 Remittances Larger than FDI and ODA in 2023 10
- Figure 1.2 Top Recipients of Remittances among Low- and Middle-Income Countries 2023 10
- Figure 1.3 Employment Levels of Foreign and Native Born in the United States 11
- Figure 1.4 Outward Remittances from GCC Countries 200023 12
- 1.2 Remittances Outlook for 2024 and 2025 13
- Figure 1.5 Remittance Flows by Region 202325 14
- Box 1.1 Global Economic Outlook in 2024 and 2025 14
- Global Economic Prospects 14
- Figure B.1.1 Global Economic Outlook from the IMF and World Bank 15
- 1.3 Remittance Costs 16
- Figure 1.6 Average Cost of Sending Remittances from G20 Countries 2023Q4 17
- Figure 1.7 How Much Does It Cost to Send 200 Regional Remittance Costs 202223 18
- 1.4 Improving Data on Remittances 18
- Figure 1.8 Global Asymmetry in Remittance Data Has Increased since 2000 19
- International Transactions in Remittances Guide for Compilers and Users Balance of Payments and International Investment Position Manual 19
- Migration and Development Brief 20
- 2. Migration Trends 21
- Table 2.1 Typology of Global Migration 21
- Internal International 21
- Figure 1.9 Top Destination Countries 2023 22
- Figure 1.10 Largest Source Countries 22
- Figure 1.11 US Southwest Border ApprehensionsInadmissibles FY15FY24 24
- Appendix A. Regional Trends in Migration and Remittance Flows 25
- A.1 East Asia and Pacific 25
- Remittance trends. 25
- Figure A.1.1 Resource Flows to the East Asia and Pacific Region Excluding China 20002024f 25
- Figure A.1.2 Top 10 Remittance Recipients in East Asia and Pacific 2023 26
- Migration and Development Brief 39 26
- Remittance costs. 27
- Remittance outlook. 28
- Figure A.1.3 Cost of Sending Money in East Asia and Pacific Region Rose Slightly in 2023Q4 28
- A.2 Europe and Central Asia 29
- Remittance trends. 29
- Figure A.2.1 The Depreciation of the Ruble against the US Dollar is Associated with a Slowdown of Russian Remittances 30
- Figure A.2.2 Resource Flows to Europe and Central Asia 20002024f 31
- Figure A.2.3 Share of Russian Remittances to Central Asian Countries 202123 31
- Figure A.2.4 Top 10 Remittance Recipients in Europe and Central Asia 2023 32
- Figure A.2.5 Remittance Growth in Europe and Central Asia Remained Subdued in 2024 33
- Remittance outlook. 33
- Remittance costs. 33
- Figure A.2.6 Cost of Sending Money in Europe and Central Asia Rose Slightly in 2023Q4 34
- Migration trends. 34
- A.3 Latin America and the Caribbean 35
- Remittance trends. 35
- Figure A.3.1 Remittances Foreign Direct Investment and Official Development Assistance Flows to Latin America and the Caribbean 200024f 35
- Figure A.3.2 Top Remittance Recipients in Latin America and the Caribbean 2023 36
- Figure A.3.3 Remittance Flows to Latin America and the Caribbean Returned to Pre-Pandemic Levels during 2024Q1 37
- Remittance costs. 37
- Figure A.3.4 The Cost of Sending Money to Latin America and the Caribbean Has Remained Stable 38
- Remittance outlook. 38
- Migration and Development Brief 36 38
- Migration trends 38
- A.4 Middle East and North Africa 39
- Remittance trends 39
- Figure A.4.1 Remittances to Middle East and North Africa offer Support against High Volatility of Other Flows 200024f 40
- Figure A.4.2 Top Remittance Recipients in the Middle East and North Africa 2023 41
- Remittance outlook. 42
- Remittance costs. 42
- Figure A.4.3 Remittance Flows to the Middle East and North Africa to Recover in 2024 and 2025 43
- Figure A.4.4 Sending Money within the Region is Less Expensive than Sending Money from Outside 43
- Migration trends. 44
- A.5 South Asia 44
- Remittance trends. 44
- Figure A.5.1 Resource Flows to South Asia 200024f 45
- Figure A.5.2 Top Remittance Recipients in South Asia 2023 46
- Remittance costs. 47
- Figure A.5.3 The Cost of Sending Remittances to South Asia Increased Sharply for the Most Expensive Corridors between 2022Q4 and 2023Q4 47
- Remittance outlook. 47
- A.6 Sub-Saharan Africa 49
- Remittance trends. 49
- Figure A.6.1 Resource Flows to Sub-Saharan Africa 200024f 49
- Figure A.6.2 Top Remittance Recipients in Sub-Saharan Africa 2023 50
- Remittance costs. 51
- Figure A.6.3 The Costs of Sending Remittances to African Countries Vary Widely across Corridors 51
- Remittance outlook. 52
- Migration trends 52
- References 53
- The World Bank Economic Review 53
- International Transactions in Remittances Guide for Compilers and 53
- Users RCG 53
- Balance of Payments and International Investment Position Manual 6th edition BPM6 53
- World Economic Outlook Steady but Slow Resilience amid Divergence. 53
- Macro Poverty Outlook 2024 55
