The World Bank's latest Migration and Development Brief reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.
International
According to the World Bank, the report highlights India's significant position as the top remittance recipient, drawing attention to the evolving dynamics in the remittance landscape.Remittances to LMICs grew by an estimated 3.8 per cent in 2023, reaching a total of USD669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries played a pivotal role in supporting migrants' ability to send money home.
The report suggests a potential risk of a decline in real income for migrants in 2024 due to global inflation and low growth prospects.
In the South Asian region, remittance flows to India experienced notable growth, contributing to the overall positive trend
South Asia, as a whole, witnessed a 7.2 per cent increase in remittances in 2023.
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