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Global remittances reached record levels in 2018

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WASHINGTON, April 8, 2019 — Remittances to low- and middle-income countries reached a record high in 2018, according to the latest edition of the World Bank's Migration and Development Report. .

The Bank estimates that annual recorded remittances to low- and middle-income countries reached $529 billion in 2018, exceeding the previous record of $483 billion in 2017 by 9.6%. In 2018, global remittances, including funds sent to high-income countries, reached $689 billion (up from $633 billion in 2017).

By region, remittance inflows ranged from about 7% in East Asia and the Pacific to 12% in South Asia. The overall growth was driven by improved economic and employment conditions in the United States, as well as a recovery in remittances from some Gulf Cooperation Council (GCC) countries and the Russian Federation. In 2018, remittances to low- and middle-income countries excluding China ($462 billion) significantly exceeded inflows of foreign direct investment ($344 billion).

Top recipients of remittances included India ($79 billion), followed by China ($67 billion), Mexico ($36 billion), Philippines ($34 billion) and Egypt ($29 billion). .USA).

Remittances to low- and middle-income countries are expected to reach $550 billion in 2019, becoming the largest source of external financing for these countries.

According to the World Bank's global remittance cost database, the global average cost of a $200 transfer remains high, at around 7% in the first quarter of 2019. Reducing the cost of sending remittances to 3% by 2030 is one of the targets of Sustainable Development Goal (SDG) 10.7. The cost of remittances in many African corridors and small Pacific island states remains above 10%.

The most expensive remittance channel was banks, which charged an average of 11% per transfer as of the first quarter of 2019. The second most expensive transfer costs were post offices, charging more than 7%. In cases where a national postal service enters into an exclusive cooperation agreement with a money transfer operator, the money transfer fee typically includes a surcharge. In the last quarter of 2018, this premium averaged 1.5% globally, reaching 4% in some countries.

Talking about ways to reduce the cost of remittances,Dilip Ratha, lead author of the Report and director of the Global Partnership for Knowledge Transfer on Migration and Development (KNOMAD), noted: “The trend in remittances is that they can become the largest source of external financing for developing countries. The high cost of remittances reduces the benefits associated with migration. Renegotiating exclusive partnership agreements and allowing new players to operate through the national postal service, banks and telecommunications companies will lead to increased competition and lower remittance fees."

As noted in the Report, the rise in remittance rates is being driven by banks' current risk mitigation practices, which have resulted in the closure of the bank accounts of some remittance service providers.

The Report also notes progress towards achieving the SDG target of reducing migrant worker-paid employment costs, which tend to be high, especially for less-skilled migrants.

“Millions of low-skilled migrant workers suffer from abusive employment practices, including exorbitant recruitment fees. We must step up efforts to create jobs in developing countries and control and reduce the employment costs these workers bear,” said Michal Rutkowski, Senior Director of the World Bank’s Global Practice social protection and employment. The World Bank and the International Labor Organization are jointly developing indicators of workers' employment costs to support the SDGs of safe, orderly and regular migration.

Regional trends in remittances

The volume of remittances to countriesEast Asia and the Pacific grew by almost 7% in 2018 to $143 billion, exceeding 5 -percentage growth observed in 2017. Remittances to the Philippines reached US$34 billion, but the growth rate of remittances slowed due to a decline in remittances from GCC countries. Remittances to Indonesia, which remained stable in 2017, increased by 25% in 2018.

Growth in remittances to countriesEurope and Central Asia, which reached 22% in 2017, was estimated at 11% in 2018 % and reached $59 billion. The ongoing economic recovery has led to an increase in remittances from Poland, Russia, Spain and the United States, the largest sources of remittances in the region. The sustained recovery in economic activity in Russia has benefited the region's smaller states, particularly Kyrgyzstan, Tajikistan and Uzbekistan, which rely on remittances from migrant workers. Ukraine, the region's largest recipient of remittances, achieved a new record of more than $14 billion in 2018, up about 19% from 2017. The increase in remittances to Ukraine also reflects a change in the methodology for calculating cash receipts, along with an increase in demand for migrant workers in neighboring countries.

Against the backdrop of economic recovery in the United States, the volume of remittances to countries Latin America and the Caribbean in 2018 increased by 10% and reached 88 billion US dollars. The majority of remittances continued to go to Mexico, which received about $36 billion in 2018, up 11% from the previous year. The growth of remittances to Colombia and Ecuador, whose migrant workers work in Spain, amounted to 16% and 8%, respectively. Three other countries in the region saw double-digit growth: 13% in Guatemala and 10% each in the Dominican Republic and Honduras, reflecting strong remittance inflows from the United States.

The volume of remittances to countriesMiddle East and North Africa increased by 9% in 2018 and amounted to $62 billion. The driving force behind this growth was a rapid increase in the volume of remittances to Egypt - by approximately 17%. Growth in remittances flowing into the region should continue beyond 2018, although the pace will slow to around 3% in 2019 due to slower growth in the eurozone.

The volume of remittances to countriesSouth Asia grew by 12% in 2018 and reached $131 billion, exceeding 6% growth, celebrated in 2017. This jump was driven by an improving economic situation in the United States, as well as a rebound in oil prices, which benefited remittances from GCC countries. In India, where disastrous flooding in Kerala appears to have led to an increase in the financial assistance migrant workers send to their families, incoming remittances rose by more than 14%. Pakistan saw moderate growth in remittances (7%) as a result of a significant decline in receipts from Saudi Arabia, Pakistan's largest source of remittances. Bangladesh experienced strong growth in remittances in 2018 (by 15%).

As economic conditions improve in high-income countries, remittances to sub-Saharan Africa increased by almost 10%, reaching $46 billion. When remittances are considered as a share of gross domestic product, Comoros accounts for the largest share, followed by Gambia, Lesotho, Cape Verde, Liberia, Zimbabwe, Senegal, Togo, Ghana and Nigeria.

The World Bank's Migration and Development Report and the latest data on migration and remittances are available at www.knomad.org. You can contact experts on migration issues through the websitehttps://blogs.worldbank.org/peoplemove/

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