MENA: Increase in remittances from migrants, despite Kovid

MENA: Increase in remittances from migrants, despite Kovid

According to the World Bank, migrant remittances increased in the Middle East and North Africa (MENA) last year. According to the World Bank, “remittances into Egypt and Morocco”, these remittances grew 2.3% to nearly $ 56 billion, thanks mainly to a development. For Egypt, transfers increased 11% to $ 30 billion, compared with 6.5% for Morocco. Tunisia also benefited from this trend, with an increase of 2.5%.

Overall, remittances from migrants remained strong in 2020, with a lower-than-expected decline, according to the latest World Bank note on migration and development. Overall, they were $ 540 billion, barely 1.6% less than in 2019, before the health crisis. The World Bank states, “This decline is less pronounced than in the 2009 financial crisis, when the decline in remittances reached 4.8%”, stressing that the actual volume of formal and informal transfers was probably even higher than official figures. It is difficult to assess the impact of the COVID-19 epidemic on informal flows, even if more.

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