Despite Global Headwinds, Remittances Grew by 5% in 2022.
Remittances to low- and middle-income countries increased by an estimated 5% to $626 billion in 2022. Remittances to China, however, are thought to have decreased by almost 4% as a result of policies related to COVID that prevent workers from traveling abroad.
Remittances from Russia to Central Asian nations increased as a result of rising oil prices and a demand for migrant labour. It is predicted that remittances to Latin America and the Caribbean will increase 9. 3% to $142 billion. Remittances to the Middle Eastern and North African developing nations are anticipated to increase by 2. 5% to $63 billion in 2022, down from a 10.5% growth in 2017.
Africa stands to be the most severely exposed to the concurrent crises, including severe drought and spikes in global energy and food commodity prices. Remittances to Sub-Saharan Africa are estimated to have increased 5.2% compared with 16.4% last year.
