By region, remittance inflows grew for Latin America and the Caribbean (8%), South Asia (7.2%), East Asia and the Pacific (3%), and Sub-Saharan Africa (1.9%). Remittance flows to Europe and Central Asia are estimated to have declined by 1.4% to $78 billion in 2023. Remittance flows to Latin America and the Caribbean are expected to increase by 8% to reach $156 billion in 2023. The strong labor market in the United States positively impacted remittance flows. In 2024, remittance flows are projected to recover to a 2.1% gain based on an expected turnaround in flows to Egypt.

Source: The North Africa Journal December 18, 2023 10:26 UTC