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31 Dicembre 2021

Libano

LEBANON: EXPATRIATES' REMITTANCES TO LEBANON PROJECTED AT $6.6BN IN 2021

 The World Bank projected the inflows of expatriates' remittances to Lebanon at $6.61bn in 2021, which would constitute a marginal decrease of 0.3% from $6.63bn in 2020, following a decline of 10.5% in 2020. Further, it revised its estimate for remittance inflows to Lebanon to $6.63bn in 2020 from a previous forecast of $6.9bn. In comparison, it forecast remittance inflows to developing countries to rise by 7.5%, and inflows to Arab countries to increase by 9.4% in 2021. It attributed its forecast for the inflows to developing economies to the rising support of expatriates to their families this year, especially in countries affected by the spread of the COVID-19 Delta variant. It considered that the rebound in economic activity and employment in major migrant destination countries, as well as the ex ceptional COVID-19 emergency fiscal stimulus packages and accommodative monetary policies around the world, constitute supporting factors for the increase in remittance inflows to developing economies this year in 2021. Based on the World Bank’s projections, Lebanon would be the 30th largest recipient of remittances in the world and the 16th largest among developing economies in 2021. Lebanon would receive more remittances than Ghana ($4.5bn), Kenya ($3.7bn) and Haiti ($3.1bn), and less remittances than El Salvador ($7.3bn), Honduras ($7bn), and Sri Lanka ($6.7bn) among developing economies. Also, Lebanon would be the third largest recipient of remittances among 19 Arab countries behind Egypt ($33.3bn) and Morocco ($9.3bn).Remittance inflows to Lebanon would account for 1% of the global flow of remittances in 2021, unchanged from 2019 and 2020. They would represent 1.1% of aggregate remittances to developing economies this year, relative to 1.2% in 2020; while they would ac- count for 10.7% of remittance inflows to Arab countries in 2021 com- pared to 11.7% in 2020 and 13.5% in 2019.Further, the World Bank expected expatriates remittances to Lebanon to be equivalent to 34.8% of GDP in 2021, which would constitute the third highest such ratio in the world, behind Tonga (43.9% of GDP) and South Sudan (34.8% of GDP). However, when using the Institute of International Finance's estimate of nominal GDP of $23.1bn for this year, expatriates remittances to Lebanon would be equivalent to 28.6% of GDP, the sixth highest ratio globally behind Tonga, South Sudan, the Gambia (33.8% of GDP), Somalia (32% of GDP), and the Kyrgyz Republic (30.1% of GDP).Expatriates' remittances to Lebanon were equivalent to 14.4% of GDP in 2019 and 36.2% of GDP in 2020. The World Bank estimated remittance inflows to Arab countries, excluding Syria, at $61.9bn in 2021, down from $56.6bn in 2020, and equivalent to about 2.24% of the region's GDP this year. (ICE BEIRUT)


Fonte notizia: Lebanon This Week Newsletter