Remittances from migrant workers are crucial for families during difficult times. According to the latest World Bank report, these transfers increased in 2023, but less than the previous two years.
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Remittances from migrants are expected to increase by 3.8% to $669 billion in 2023. According to the authors of the report, remittances have increased in particular to Latin America, Caribbean, Asia-Pacific and sub-Saharan Africa. They decreased for the Middle East and North Africa region. The top five recipients of these funds are India, Mexico, China, the Philippines and Egypt. As for money transfers to Ukraine, they continue to decrease.
High oil prices in the Gulf countries have led to an increase in migrant income. This same reason allowed large transfers of funds from the Russian Federation to Central Asian countries. Migrant workers have also benefited from the robust labor market in the United States and advanced economies.
But this may not last in 2024. The World Bank is concerned that the real income of migrants will fall significantly due to inflation and weak growth prospects.
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