English
 
Friday, 02 February 2024 06:13

Remittance flows in 2024 to fall to 2.4%, according to the World Bank

Written by Denis Muñoz
Remittance flows in 2024 to fall to 2.4%, according to the World Bank

The World Bank forecasts that remittance flows to low- and middle-income countries will slow to 2.4% in 2024, mainly reflecting slowing economic growth in several high-income countries.

Risks to the outlook are tilted to the downside, as further deterioration could occur due to increased volatility in oil prices and exchange rates, in addition to a deeper-than-expected economic slowdown in key high-income countries.

WhatsApp_Image_2024-02-01_at_5.15.49_PM.jpeg

Considering that El Salvador in 2023, remittances exceeded US$8 billion, the report predicts a significant decline for this 2024.

Remittances have become the main source of financing for low- and middle-income countries, exceeding foreign direct investment flows by more than US$250 billion.

WhatsApp_Image_2024-02-01_at_5.17.05_PM.jpeg

After reaching record highs in the last two years, remittances grew at a slower pace in 2023. The latest edition of the Migration and Development Review shows remittances to low- and middle-income countries declining to 3.8% in 2023.

 

Translated by: A.M

Published in Economy
Tagged under

Related items

More in this category: « Prices of several vegetables decrease During 2023, 3,341 new companies were established in the country »
back to top