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$7.3 billion in remittances from Lebanese expatriates
28-4-2017
The World Bank noted on Friday that remittances from expatriates to the Middle East and North Africa have reached USD 49 billion in 2016, falling by 4.4% drop against the previous year, and accounting for nearly 10% of overall global remittances to developing states (the USD 440 billion).. On Lebanon, the WB ‘Migration and Development’ report indicated that remittances, the main source of hard currency for countries of the South, stood at USD 7.3 billion, the second highest in the Arab world after Egypt (USD 16.6 billion) and against USD 1.6 billion for Syria, The report went on to add that remittances in Lebanon represented 14% of country’s GDP. According to the WB report, the decline in money transfers to most of the Arab countries can be attributed to a number of reasons, notably: weak economic growth of oil exporting countries and the slow economies of the EU markets affected by Brexit, in addition to political uncertainty in North Africa and the Southern Mediterranean Basin and its impact on tourism and transfers. The report concluded that remittances are projected to rise during this year and the next, amidst an anticipated fast pace growth in the global economy, an improvement in the prices of raw material, namely, oil, and higher international trade and cross-border investments. (Al Hayat, April 28, 2017)
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