{"id":546341,"date":"2022-05-12T03:52:18","date_gmt":"2022-05-12T03:52:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/12\/remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank\/"},"modified":"2022-05-12T03:52:18","modified_gmt":"2022-05-12T03:52:18","slug":"remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/12\/remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank\/","title":{"rendered":"Remittances from Egyptians abroad to grow 8% in 2022, says World Bank"},"content":{"rendered":"

<\/a> It\u2019s not all dim on the macro front:<\/strong> Remittances from Egyptian expats are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year<\/a>, according to the World Bank\u2019s latest forecast (pdf)<\/a>. The lender says that flows will pick up due to an \u201caltruistic response\u201d by migrants to difficulties being faced at home and economic growth abroad, which although is expected to slow, should still be supportive of remittances.<\/p>\n

Bucking the regional trend:<\/strong> The bank forecasts remittance flow growth into developing countries in the MENA region to slow to 6% from 7.6% last year amid an economic crunch from the war in Ukraine.<\/p>\n

Egypt was one of the biggest recipients of remittances last year:<\/strong> Some USD 31.5 bn was sent to Egypt last year, making us the fifth-largest recipient in the world. The country \u201cbenefited from higher oil prices, remittance returns from expatriates in the Gulf, as well as healthy economic activity in Europe and the United States,\u201d the World Bank said.<\/p>\n

Remittances have become an increasingly important source of foreign currency for Egypt,<\/strong> particularly following the hit to tourist revenues caused by covid-19 and the subsequent blow to Russian and Ukrainian tourism. The value of remittances has picked up steadily since the pandemic, with inflows during the previous fiscal year reaching a record high last year.<\/p>\n

All in all, remittances to low- and middle-income nations are set to grow by 4.2% to USD 630 bn this year<\/strong>, the World Bank said, following a growth of 8.6% last year when remittances hit USD 605 mn. Ukraine, the largest remittance recipient in Europe and Central Asia, will see inflows soar more than 20%.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s not all dim on the macro front: Remittances from Egyptian expats are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year, according to the World Bank\u2019s latest forecast (pdf). The lender says that flows will pick up due to an \u201caltruistic response\u201d by migrants to difficulties […]<\/p>\n","protected":false},"author":1,"featured_media":546342,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"404a58fe-2af7-42cf-b7f2-19510e036cf5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/156.jpg","photo_position":"above","related_issue":[546329],"teaser":"","voice_url":""},"yoast_head":"\nRemittances from Egyptians abroad to grow 8% in 2022, says World Bank - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/12\/remittances-from-egyptians-abroad-to-grow-8-in-2022-says-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances from Egyptians abroad to grow 8% in 2022, says World Bank\" \/>\n<meta property=\"og:description\" content=\"It\u2019s not all dim on the macro front: Remittances from Egyptian expats are expected to grow at a faster pace in 2022, rising by 8% compared to 6.4% last year, according to the World Bank\u2019s latest forecast (pdf). 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Inflows rose 2.5% y-o-y to a record USD 8.3 bn in the final quarter of the fiscal year (April-June) amid soaring oil\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/369.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/","url_meta":{"origin":546341,"position":3},"title":"Gov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March","author":"enterpriseam admin","date":"17 May 2022","format":false,"excerpt":"The Madbouly government has cut its 2022-2023 growth forecast to 4.5% from 5.5%, a cabinet statement quoted Prime Minister Moustafa Madbouly as saying yesterday. The government was predicting 5.5% growth in the coming fiscal year as recently as last week, when it published its draft budget.Russia\u2019s war in Ukraine has\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/egypts-budget-deficit-down-remittances-up\/","url_meta":{"origin":546341,"position":4},"title":"Egypt\u2019s budget deficit down, remittances up","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"Egypt\u2019s budget deficit shrank to EGP 134.9 bn, equivalent to 2.1% of GDP in 1Q2020-2021 compared to 2.3% during the same period last year, according to a Finance Ministry report (pdf). The report attributes the narrowing deficit to an 18.4% y-o-y uptick in state revenues to EGP 204.7 bn, which\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577730,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/04\/remittances-to-egypt-to-rise-2-5-this-year-world-bank\/","url_meta":{"origin":546341,"position":5},"title":"Remittances to Egypt to rise 2.5% this year- World Bank","author":"enterpriseam admin","date":"4 December 2022","format":false,"excerpt":"Remittances from Egyptians abroad are set to rise 2.5% this year, climbing to USD 32.3 bn from USD 31.5 bn in 2021, according to the World Bank\u2019s latest forecast (pdf). The Washington-based lender sees Egypt\u2019s inflows benefiting from surging oil prices, which will increase transfers from Egyptian workers based in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546341"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546341\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546342"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546341"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546341"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}