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Sunday, 8 December 2019

Egyptian expat remittances forecast to be among fifth-highest in the world in 2019

Egyptian expats are projected to send home the fifth highest value of remittances in the world by the end of year, World Bank data shows. Remittances to the country are expected to hit USD 26.4 bn this year, down slightly from USD 29 bn last year. Globally, remittance inflows to low- and middle-income countries are forecast to rise to USD 551 bn in 2019, up 4.7% y-o-y from USD 529 bn in 2018, before edging up again in 2021 to reach USD 597 bn.

Elsewhere: Large population countries India (2019 forecast: USD 82.2 bn), China (USD 70.3 bn), Mexico (USD 38.7 bn), and the Philippines (USD 35.1 bn) round out the top five remittances markets. Average y-o-y growth in MENA is expected to remain weak (3%) compared to Latin America and the Caribbean’s 7.8%, South Asia’s 5.3%, Sub-Saharan Africa’s 5.1%, and East Asia and the Pacific’s 3.8%. This is due primarily to labor market reforms and the introduction of value-added tax in Gulf countries. Europe and Central Asia, however, are projected to see the slowest growth rate at 1.8%, driven by lower oil prices and ruble depreciation.

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