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Friday, 10 May 2024 03:04

International remittances increase 650% in 22 years

Written by Denis Muñoz
International remittances increase 650% in 22 years Courtesy

The Organización Internacional para las Migraciones (IOM) through a United Nations (UN) report affirmed the increase of remittances from US$128,000 to US$831,000 million in a 22 year period.

This increase represents an increase of 650%, which is higher than foreign direct investment in developing economies.

In El Salvador, remittances have increased, reaching US$8.1 billion by the end of 2023, the highest amount in three decades.

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The study highlights that the upward trend in remittances continued despite the economic crisis resulting from the COVID-19 pandemic.

International migration is a driver of human development and economic growth, says the World Migration Report 2024.

Of the US$831 billion remitted, US$647 billion was sent by migrants to low- and middle-income countries. "These remittances can make up a very significant portion of the Gross Domestic Product of these countries", notes the IOM.

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The amount of money sent home by migrants exceeds the foreign direct investment of developing nations, reveals a new report by the migration agency, which also highlights the record number of displaced persons.

 

Translated by: A.M

Published in Economy
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