28 January 2020 08:57 AM

World Bank expects Egypt to be 5th top remittances recipient in 2019

Friday، 06 December 2019 - 01:53 PM

The World Bank expects that Egypt would be the fifth top remittances recipient globally in 2019, predicting their volume to reach 26.6 billion dollars by the end of the year, a recent report says.

Remittance flows to low- and middle-income countries are expected to reach $551 billion in 2019, up by 4.7 percent compared to 2018, the report said, adding that these flows are projected to reach $574 billion in 2020 and $597 billion by 2021.

In 2019, in current US dollar terms, the top five remittance recipient countries are projected to be India, China, Mexico, the Philippines and Egypt, the report said.

It added that growth of remittance flows slowed to 4.7 percent in 2019 compared to a robust 8.6 percent in 2018. Cyclical factors affecting the growth of remittance flows include economic growth in source countries, the price of oil, and variations in exchange rates.

MENA

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