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

Minister of Communications Discusses Latest Developments in Yemen with Director of UN Envoy’s Office

Minister of Communications and Information Technology Dr. Shadi Basurah met Sunday with the Director of the Office of the UN Special Envoy to Yemen Bert Scott and the accompanying delegation.

OCHA: Regional Escalation Directly Impacting Humanitarian Conditions in Gaza and the West Bank

United Nations Office for the Coordination of Humanitarian Affairs has warned that ongoing regional escalation is directly worsening the humanitarian situation in Gaza and the West Bank.

Korea large companies' exports rise 10 percent

Large companies' exports in South Korea rose approximately 10 percent year-on-year in the fourth quarter of last year, driven by increased global demand for semiconductors.

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: ، 2026/03/09 Time 07:33:38
Latest News:

Masam Removes 1,263 Mines, Unexploded Ordnance in One Week

Minister of Planning Chairs Consultation Session with World Bank on New Country Partnership Framework ..

Prime Minister calls for substantial international support for gov't's reforms, economic recovery plan

Minister Basalama, French Ambassador Discuss Support for Decentralization, Empowering Local Authorities ..

Prosthetics and Rehabilitation Center in Taiz Provides Services to 674 Beneficiaries in February

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."