Rich Nations’ Weaker Growth to Hit Remittances, World Bank Says
- Some economies count on cash transfers for a fifth of GDP
- Indian and Mexican migrants send the most money home
Commuters wait in line to board a bus in San Salvador, El Salvador.
Photographer: Camilo Freedman/BloombergThis article is for subscribers only.
Slower growth in the world’s richest economies will limit the ability of migrants to send money home to their families next year, according to a report by the World Bank Group.
Remittances to low-income and middle-income countries will grow 2% in 2023 to $639 billion, down from 4.9% growth this year, according to the bank’s forecast.