Remittances to low- and middle-income countries are on course to recover in 2017 after two consecutive years of decline, said the latest edition of the World Bank’s Migration and Development Brief.
The Bank estimates that officially recorded remittances to developing countries are expected to grow by 4.8 percent to $450 billion for 2017. Global remittances, which include flows to high-income countries, are projected to grow by 3.9 percent to $596 billion.
“Remittances are a lifeline for developing countries; this is particularly true following natural disasters, such as the recent earthquakes in Mexico and the storms devastating the Caribbean. It is imperative for the global community to reduce the cost of remitting money, by eliminating exclusivity contracts, especially in the high-income OECD countries. There is also an urgent need to address de-risking behavior of global banks,” said Dilip Ratha, lead author of the Brief and head of KNOMAD.
Read more from the Migration and Development Brief on the latest remittances data in this press release.