Egypt 7th in remittances from workers abroad in 2022: World Bank

A World Bank report revealed the volume of remittances of workers abroad, with a total amount of US$831 billion, and a growth of eight percent in low- and middle-income countries to $647 billion.

In a report published under the title “Remittances Remain Resilient but Likely to Slow,” the World Bank predicted that remittances to low and middle-income countries will increase by 1.4 percent to $656 billion in 2023, expecting a decline in economic activity in remittance-sending countries, which will limit job opportunities and increase in wages of expatriates.

“Remittances are highly complementary to government cash transfers and essential to households during times of need… The World Bank is leading analytical and operational work on global migration to facilitate remittance flows and reduce costs,” said the Global Director of the Social Protection and Jobs Global Practice at the World Bank Michal Rutkowski.