World Bank: Remittances to Low, Middle-Income Countries Declined in 2023

Prime Minister, Foreign Minister meets with EU Special Representative for Gulf

The Prime Minister, Minister of Foreign Affairs and Expatriates Dr. Shaya Zindani met today, Saturday, on the sidelines of the fifth session of the Antalya Diplomatic Forum, with the European Union's (EU) Special Representative to the Gulf Luigi Di Maio.

Arab League Calls for Confronting Rising Anti-Muslim Hate

The Arab League on Sunday called for intensified international efforts to confront the growing phenomenon of hate speech and discrimination against Muslims in order to prevent deeper divisions among religions and cultures.

Oil price tops $100 a barrel

Oil prices jumped above $100 per barrel today, Monday, as the U.S. Navy prepares to take control of ship movements in the Strait of Hormuz.

Saudi League: Al-Nassr, Al-Ettifaq and Neom Secure Victories Over Al-Ittihad, Damac and Al-Riyadh

Al-Nassr defeated its guest Al-Ittihad 2–0 in the match that brought them together at Al-Awwal Park Stadium in Riyadh, as part of the 21st round of the Saudi Professional League.

Last Update: ، 2026/04/19 Time 03:45:40
Latest News:

Yemen Condemns Israeli Occupation Authorities’ Announcement of Appointing Ambassador to So-Called ..

Minister of Planning leads talks of gov't delegation with Vice President of WB for Middle East and North ..

Al-Sharjabi highlights importance of water agreements to achieve sustainability in water sector

Yemen Welcomes Announcement of Ceasefire in Lebanon

Prime Minister Discusses Strengthening Bilateral Relations with Syrian President

World Bank: Remittances to Low, Middle-Income Countries Declined in 2023

[27/06/2024 06:57]

WASHINGTON - SABA
The World Bank announced that official remittances to low and middle-income countries declined in 2023 to an estimated $656 billion, after experiencing strong growth during the 2021-2022 period.

The Bank's latest Migration and Development Brief stated: "In 2023, remittances surpassed the levels of foreign direct investment and official development assistance.

Remittances to low and middle-income countries are expected to grow faster at 2.3% in 2024, although this growth will be uneven across regions."

Potential downside risks to these projections include a sharper-than-expected slowdown in economic growth in high-income host countries, as well as volatility in oil prices and exchange rates.

Efa Shereef, the World Bank's Global Director for Social Protection and Jobs, said: "Migration and the resulting remittances are core drivers of economic and human development, and many countries are interested in managing migration activities to address global demographic imbalances and labor shortages."