Remittances to low- and middle-income countries are projected to have grown a strong 7.3 percent to reach $589 billion in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent despite a severe global recession due to COVID-19.
This Migration and Development Brief provides updates on global trends in migration and remittances. It highlights developments related to migration-related Sustainable Development Goal (SDG) indicators for which the World Bank is a custodian: increasing the volume of remittances as a percentage of gross domestic product (SDG indicator 17.3.2) and reducing remittance costs (SDG indicator 10.c.1). In 2021, remittance flows to low- and middle-income countries (LMICs) are projected to reach $ billion, registering a [7.1] percent increase. The recovery in 2021 follows the resilience of flows seen in 2020, when remittances recorded only a modest [1.9] percent decline to $ billion, in the face of one of the deepest recorded global recessions. Remittances now stand more than three-fold above official development assistance (ODA) and, excluding China, more than 50 percent higher than foreign direct investment (FDI).
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Blog: Global Remittance Flows in 2021: A Year of Recovery and Surprises