Egypt is region’s second largest recipient of remittances, says ICAEW report

Egypt is the second largest recipient of remittances in Africa after Nigeria, having snagged 29% of the total in 2017, according to World Bank data cited by the Institute of Chartered Accountants in England and Wales. Most inflows came from the Gulf region. Remittances are a key driver of FX income and “will remain important in the future,” the report says, while also noting that improved economic performance in Egypt was driven by “structural and policy reforms [that] have boosted manufacturing and investment while the tourism sector has continued to recover.” Egypt is expected to sustain the momentum, with a favorable GDP growth outlook for 5.3% this year. Tap or click here for the full report.