The National News agency from UK had revealed a report where they have said, despite the slowdown in the global economy, remittance flows to low- and middle-income countries will increase this year. According to a recent report by the World Bank, poor and middle-income countries will receive $65,600 million in remittances in 2023. Which is 8% more than 2022.
Report said that India was the top recipient of remittances in 2022. Asia’s third largest economy received $111 billion in remittances. Mexico received the second highest remittance of $61 billion. Asia’s top economy China received remittances of $51 billion dollars. The Asia-Pacific country of the Philippines received remittances of $38 billion. Remittances to the South Asian country Pakistan reached 30 billion dollars whereas Bangladesh received $21.5 billion in 2022.
A Western Union survey conducted last March found that three out of four migrant workers working in the Middle East hoped to increase remittances back home. These migrant workers from low- and middle-income countries said they would do so to counter the effects of inflation and rising food costs in their home countries.
The survey was conducted on 30 thousand 600 consumers of Western Union showed that three-fourths of consumers have increased sending remittances in the last few years. They did so in response to the economic crisis caused by the rising cost of living worldwide. Meanwhile, 79% of recipients said that they will demand more money from their loved ones living abroad this year.