Record High Remittances Sent Globally in 2018
Remittances to low and middle-income countries reached a record high in 2018, according to the World Bank’s latest Migration and Development Brief.
The Bank estimates that officially recorded annual remittance flows to low and middle-income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017.
Regional Remittance Trends
- Remittances to the East Asia and Pacific region grew almost 7 percent to $143 billion in 2018, faster than the 5 percent growth in 2017.
- After posting 22 percent growth in 2017, remittances to Europe and Central Asia grew an estimated 11 percent to $59 billion in 2018.
- Remittances flows into Latin America and the Caribbean grew 10 percent to $88 billion in 2018, supported by the strong U.S. economy.
- Remittances to the Middle East and North Africa grew 9 percent to $62 billion in 2018.
- Remittances to South Asia grew 12 percent to $131 billion in 2018, outpacing the 6 percent growth in 2017.
India highest recipient of remittances at $79 bn in 2018: World Bank
India was followed by China (USD 67 billion), Mexico (USD 36 billion), the Philippines (USD 34 billion), and Egypt (USD 29 billion).
Source: World Bank
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