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‘Critical lifeline’ of migrant cash expected to near £600bn in total
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Migrants from low- and middle-income countries are expected to send almost £600bn back to support friends and relatives by the end of the year, following global economic growth spurring a 7.3% rebound in remittance payments.
The increase in cross-border payments, especially from migrants based in Europe and the US, reversed a 1.7% fall in remittance payments last year, the World Bank said.
Only 18 months ago the bank, based in Washington DC, feared that the pandemic would send remittance payments plunging by about 20% over the next two years.
However, the rapid recovery during 2020 and 2021 meant the scale of payments to these countries from former residents working overseas surpassed the sum of overseas aid and foreign direct investment from
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