Migrants sent home $605b in 2021: UN
Migrant workers sent home an estimated $605 billion to low- and middle-income countries last year, a UN study said Thursday, boosted by an increase in payments sent via mobile phones.
Global remittances rose 8.6 per cent compared to 2020 and are projected to grow to $630 billion in 2022, according to the International Fund for Agricultural Development (IFAD).
Such payments are a major source of income for many low-income households, with around 800 million family members expected to benefit in 2022.
Between now and 2030, global remittances will amount to $5.4 trillion, the equivalent of twice the GDP of Africa in 2021, IFAD has estimated.
"Remittances lift people out of poverty, put food on the table, pay for education, cover health expenses, allow housing investments and many other family goals beyond consumption," IFAD president Gilbert Houngbo said.
However, the report warned that the upward trend would likely slow this year as inflation erodes wages, and as a result of Russia's invasion of Ukraine.
Many countries in central Asia depend on remittances from Russia, with payments accounting for as much as 30 per cent of their GDP, said the report.