Remittances up 5% in 2022, but growth to slow to 2% next year: World Bank

Remittances to low- and middle-income countries grew by nearly 5% to around $626 billion in 2022 - about half the expansion seen last year - and growth is expected to slow further to around 2% next year, the World Bank reported on Wednesday.
 

Remittances are a vital source of household income for people in low- and middle-income countries, helping to alleviate poverty and building resilience, while boosting the birth weight of infants and school enrollment rates for older children.
 

Officially recorded remittances grew in 2022 as host economies reopened and employment rose as the COVID-19 pandemic receded, but rising prices