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Global Money Remittances Market and Forecast to 2027
The global remittances market has grown at a CAGR of 4% during 2016-2021
By: Makreo Research and Consulting
Global Economic Performance
The COVID-19 pandemic slowed down the economic growth of all countries. However, with record vaccination and consumption returning to pre-pandemic levels in 2021 and 2022, the outlook for economic progress across most countries is optimistic.
Impact of Covid-19
Global remittance flows have shown to be more resilient than expected during the COVID-19 pandemic. Inflows to low- and middle-income nations are particularly affected. Although total remittance inflows were reduced, certain nations saw significant increases during the crisis. Mexico, the world's third-largest remittance recipient, is among them, as are Egypt, Pakistan, and Bangladesh, the world's fifth, sixth, and eighth-largest remittance recipients, respectively. India and the Philippines saw the smallest declines among developing countries in 2020 compared to 2019, at 0.2% and 0.7%, respectively.
Impact of Russia-Ukraine War
Several Central Asian countries are heavily reliant on Russian remittances. With outbreak of the war many countries had a negative impact. The revised anticipated growth rates of remittances in Central Asia in 2022 is anticipated to decline.
The synopsis is based on the report " Global Money Remittances Market and Forecast to 2027-Impact Assessment of COVID-19 and Russia-Ukraine War" published by Makreo Research and Consulting Firm. The report delves deeply into various parameters such as market size, segmentation, value chain analysis, and industry cause and effect analysis. The study includes market dynamics that provide an understanding of industry opportunities, driving forces, major challenges impeding growth, and an analysis of future opportunities that may help market players capitalise on untapped business potential.
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Page Updated Last on: Nov 29, 2022