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The main contributing factors to the growth of remittances to India include declining inflation and strong labour markets in high-income source countries.
Bangladesh is lacking among four South Asian countries to attract deposits and investments from Bangladeshi migrants, according to a World Bank report
Remittance Flows Continue to Grow in 2023 Albeit at Slower Pace
Despite these positive trends, challenges and potential risks are highlighted. The Middle East and North Africa saw a decline in remittance flows for the second consecutive year, mainly driven by a sharp drop in flows to Egypt. Remittance flows to Europe and Central Asia also decreased by 1.4% after a significant gain in 2022.
WASHINGTON, Dec. 18, 2023 — Remittances to low- and middle-income countries grew an estimated 3.8% in 2023, a moderation from the high gains of the previous two years. Of concern is the risk of decline in real income for migrants in 2024, according to the World Bank’s latest Migration and Development Brief.