Despite the difficult global economic situation, global migrant remittances continue to grow. In 2022, according to World Bank (WB) projections, these should grow by 4.9% to reach $626 billion. This is a growth down to half of that recorded in 2021.
As for the African continent, which needs these remittances the most because it is more strongly affected by the impacts of soaring world prices for energy and food commodities, as well as the effects of severe droughts which hit some of its regions, transfers should continue to increase in 2022 and 2023.
In sub-Saharan Africa, migrant remittances will grow by 5.2%, compared to 16.4% last year, to reach $53 billion.
Furthermore, in North Africa and the Middle East (Mena) region, transfers are expected to grow by 2.5%, compared to 10.5% in 2021, to $63 billion. In total, the continent should see transfers from its diasporas exceed 100 billion dollars in 2022.