{"id":577730,"date":"2022-12-04T03:56:59","date_gmt":"2022-12-04T03:56:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/04\/remittances-to-egypt-to-rise-2-5-this-year-world-bank\/"},"modified":"2022-12-04T03:56:59","modified_gmt":"2022-12-04T03:56:59","slug":"remittances-to-egypt-to-rise-2-5-this-year-world-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/04\/remittances-to-egypt-to-rise-2-5-this-year-world-bank\/","title":{"rendered":"Remittances to Egypt to rise 2.5% this year- World Bank"},"content":{"rendered":"

<\/a> Remittances from Egyptians abroad are<\/strong> set to rise<\/strong> 2.5% this year<\/strong>, climbing to USD 32.3 bn from USD 31.5 bn in 2021, according to the World Bank\u2019s latest forecast (pdf)<\/a>. The Washington-based lender sees Egypt\u2019s inflows benefiting from surging oil prices, which will increase transfers from Egyptian workers based in the Gulf.<\/p>\n

This isn\u2019t quite the rise the World Bank had expected earlier this year:<\/strong> In May, the lender had penciled in an 8% rise<\/a> in remittances this year, but \u201cdramatic changes\u201d internationally as well as local developments have caused inflows to fall short of its forecast. Remittances have made only \u201cweak advances\u201d since 3Q 2021 on the back of surging inflation in advanced economies as well as the fiscal impact of food and fuel subsidies at home.<\/p>\n

Egypt is still among the big five:<\/strong> Egypt is forecast to be the fifth-largest recipient of remittances this year. India is top with USD 100 bn while Mexico, China, and the Philippines round out the top four.<\/p>\n

Inflows will rise by a slower pace in 2023<\/strong>, according to the Bank, which is forecasting 2% growth next year. It also sees remittances into MENA decelerating to 2% next year due to \u201cpersistent adverse trends in the global environment and deeper financial difficulties in the region,\u201d according to the report.<\/p>\n

Remittance inflows are of \u201ccritical importance\u201d<\/strong> in helping Egypt offset its external and fiscal shortfalls, the Bank said. Remittances have become an increasingly important source of hard currency for Egypt due to the economic shocks caused by covid-19, the war in Ukraine, and tightening financial conditions. Inflows recorded a fresh high for the second year in a row<\/a> in FY 2021-2022, climbing to USD 31.9 bn on rising oil prices boosting the transfers from the Gulf.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the Gulf. This isn\u2019t quite […]<\/p>\n","protected":false},"author":1,"featured_media":577731,"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":[104,72,2396,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-remittances","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"6caf274e-5f11-4586-b36d-1f94b604262d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/36.jpg","photo_position":"above","related_issue":[577721],"teaser":"","voice_url":""},"yoast_head":"\nRemittances to Egypt to rise 2.5% this year- 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\/12\/04\/remittances-to-egypt-to-rise-2-5-this-year-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances to Egypt to rise 2.5% this year- World Bank\" \/>\n<meta property=\"og:description\" content=\"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). 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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":557374,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021\/","url_meta":{"origin":577730,"position":1},"title":"Remittances hit record high in FY2020-2021","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Remittances hit a record high in FY2020-2021, growing more than 13% to USD 31.4 bn compared to USD 27.8 bn the previous fiscal year, according to central bank figures (pdf) released yesterday. Inflows rose almost 30% to USD 8.1 bn in 4Q, up from USD 6.2 bn in the same\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\/2021\/9\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554158,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/","url_meta":{"origin":577730,"position":2},"title":"Remittances up 1.5% in 1Q2021-2022","author":"enterpriseam admin","date":"22 December 2021","format":false,"excerpt":"Remittances from Egyptians abroad were up 1.5% y-o-y to USD 8.1 bn in the first quarter of FY 2021-2022, the central bank announced in a statement (pdf). The quarterly figure rose despite September being a slow month, with remittances dipping 3% y-o-y to USD 2.6 bn. In August, remittances grew\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\/2021\/12\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548842,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/","url_meta":{"origin":577730,"position":3},"title":"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"Remittances hit a record high for the second year running in FY 2021-2022, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf) released yesterday. 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":588916,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/19\/remittances-poised-for-small-rebound-this-year\/","url_meta":{"origin":577730,"position":4},"title":"Remittances poised for small rebound this year","author":"enterpriseam admin","date":"19 June 2023","format":false,"excerpt":"Remittances into Egypt fell 10% last year due to exchange rate uncertainty","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\/2023\/6\/889.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564211,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/17\/remittances-spike-in-may\/","url_meta":{"origin":577730,"position":5},"title":"Remittances spike in May","author":"enterpriseam admin","date":"17 August 2021","format":false,"excerpt":"Remittance inflows from Egyptians working abroad rose almost 50% in May to USD 2.6 bn, up from USD 1.8 bn in May 2020, according to central bank figures (pdf) released this morning. Expats sent some USD 28.5 bn back home during the first 11 months of the fiscal year (July\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/454.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\/577730","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=577730"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577730\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577731"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577730"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577730"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}