Infograph: Egyptian Expats' Remittances to Drop 15% in 2023Source: www.export-egypt.com 12/26/2023, Location: Africa |
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Egyptian expats’ remittances are expected to have declined by over 15 percent to $24.2 billion in 2023 from $28.3 billion in 2022, according to a recent report released by the World Bank (WB) in December.
The following infographic tracks the change in Egypt’s remittance inflows during the period between 2013-2023, when remittances surged by around 36 percent. Furthermore, the WB report expected Egypt to secure the top spot in expats' remittances inflows across the Middle East and North Africa region in 2023. However, this year's projections signal a potential shift in the dynamics of remittances to Egypt, as the country experiences a substantial decline in incoming remittances, ultimately influencing the region's remittance landscape. The WB attributed the projected decline in remittances to Egypt primarily to the disparity between the official and parallel exchange rates, which encouraged the diversion of remittance flows to unofficial channels, leading to a decrease of 5.3 percent in remittance flows for 2023 in the region. Looking ahead to 2024, the World Bank projected a moderate gain of 2.1 percent in remittance flows within the Middle East and North Africa region. |
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