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Officially recorded remittance flows to low- and middle-income countries (LMICs), including Malawi, are estimated to grow this year as economic activity in remittance source countries is set to soften, limiting employment and wage gains for migrants, the World Bank has said. In its latest Migration and Development Brief released yesterday, the World Bank projects the
The projection by the World Bank's latest Migration and Development Brief marks a dramatic slowing from 2022, when remittances to India grew by more than 24% to reach a record-high $111 billion. The reasons: slower growth in OECD and GCC economies, high base effect.
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REMITTANCES to low- and middle-income countries (LMICs) are expected to remain resilient but will likely slow substantially as economic activity in countries hosting migrant workers weakens.
Remittances remain resilient but risks of slowdown ahead