Global Money Remittances Market and Forecast to 2027

NEW YORK - Nov. 29, 2022 - PRLog -- Across the globe around 281 million migrants and their families rely on remittances for survival. Despite the COVID-19 crisis' severe economic impacts, remittance flows to low- and middle-income nations (LMICs) continued to persist and swiftly recovered following a significant drop at the outset of the crisis. Migrants' desire to aid their family by sending money home and relying on savings was one of the primary motivations for the constant flow of remittances in 2020. Since 2008, India has been the top beneficiary of remittances. The top five recipients of remittances as a percentage of GDP in 2020 were smaller economies such as Tonga, Lebanon, Kyrgyz Republic, Tajikistan, and El Savador. In 2020, the US, the UAE, and Saudi Arabia were the top three source countries for remittance outflows.

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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