Egypt high on list of remittances hotspots
Egypt came in sixth in the list of top recipients of remittances transferred to developing countries, World Bank Migration and Development Brief showed on Wednesday.
At an estimated $18 billion in migrant remittances, Egypt is very close to the Phillipines and Mexico which came in third and fourth at $24 billion, Nigeria which came in fifth at $21 billion.
"Remittances to Egypt have surged since 2010, perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants," The report read.
Egypt has a significant migrant population in the oil-rich Persian Gulf countries, who have traditionally bolstered the country's balance of payments.
India and China, the two largest nations in the world, came in first and second at $70 and $66 billion.
"Regions and countries with large numbers of migrants in oil exporting countries continue to see robust growth in inward remittance flows, compared with those whose migrant workers are largely concentrated in the advanced economies, especially Western Europe." A press statement released by the World Bank indicated.
Overall, remittance flows to the developing world are expected to reach $406 billion in 2012, exceeding initial World Bank estimate. Such a level marks a growth of 6.5 per cent above 2011.
Total remittances worldwide are expected to see a further 7.9 per cent growth in 2013, 10 per cent in 2014 and 10.7 percent in 2015 to reach $534 billion in 2015.
“Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient," said Hans Timmer, Director of the Bank’s Development Prospects Group.
As a share of the economy, however, Tajikstan and Liberia came in first at 47 and 31 per cent of GDP