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07/19/2019

P2P Remittance to reach US$550bn in 2019

In 2019, annual remittance flows to low- and middle-income countries (LMICs) are likely to reach $550 billion. That would make remittance flows larger than foreign direct investment (FDI) and official development assistance (ODA) flows to LMICs.

In 2018, remittance flows to LMICs reached $529 billion, an increase of 9.6 percent over 2017. Remittance flows grew in all six regions, particularly in South Asia (12.3 percent) and Europe and Central Asia (11.2 percent).

Growth was driven by a stronger economy and employment situation in the United States and a rebound in outward flows from some Gulf Cooperation Council (GCC) countries and the Russian Federation.