Remittance Expected To Increase By 4.2 Percent In 2022:
Officially recorded remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent in 2022 to reach $630 billion.
- This follows an almost record recovery of 8.6 percent in 2021, according to the World Bank’s latest Migration and Development Brief released today.
- Remittances to Ukraine, which is the largest recipient in Europe and Central Asia, are expected to rise by over 20 percent in 2022.
- The top five recipient countries for remittances in 2021 were India, Mexico (replacing China), China, the Philippines, and Egypt.
- India topped the list in the world receiving USD 89 billion in remittance followed by Mexico at USD 54 billion, and China at USD 53 billion last year.
- Among economies where remittance inflows stand at very high shares of GDP are Lebanon (54 percent), Tonga (44 percent), Tajikistan (34 percent), Kyrgyz Republic (33 percent), and Samoa (32 percent).