Monday, 20 Mar 2023
Remittances to Oman projected to be around $41mn this year: WB

Remittances to Oman projected to be about $41mn this year: WB

The WB mentioned remittance inflows have been about US$39mn because 1986 and this is the very first time it is anticipated to touch US$41mn. Remittances to low- and middle-earnings nations grew swiftly and are projected to attain a new record in 2018, says the newest edition of the WB’s Migration and Development Brief, released on Saturday.

The bank estimates that officially recorded remittances to creating nations will boost by 10.eight per cent to attain US$528bn in 2018. This new record level follows robust development of 7.eight per cent in 2017. Global remittances, which consist of flows to higher-earnings nations, are projected to develop by 10.three per cent to US$689bn.

Remittances to the Middle East and North Africa area are projected to develop by 9.1 per cent to US$59bn in 2018, following six per cent development in 2017. The development price is driven by Egypt’s projected fast remittance development of 14 per cent. In contrast, remittances to Jordan are projected to decline by 1 per cent in 2018. Beyond 2018, the area is anticipated to expertise continued development in remittances, though at a slower pace of two.7 per cent in 2019. Lower oil rates are anticipated to moderate development in GCC nations and remittance outflows will also be dampened by nationalisation policies of Saudi Arabia, notably in sectors banning foreign workers as of 2018.

Remittance flows rose in all regions, most notably in Europe and Central Asia (20 per cent) and South Asia (13.five per cent), followed by Sub-Saharan Africa (9.eight per cent), Latin America and the Caribbean (9.three per cent), the Middle East and North Africa (9.1 per cent), and East Asia and the Pacific (six.six per cent). Growth was driven by a stronger economy and employment circumstance in the United States and a rebound in outward flows from Gulf Cooperation Council (GCC) nations and the Russian Federation.

“The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth. Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows,” mentioned Michal Rutkowski, senior director of the Social Protection and Jobs Global Practice at WB on worldwide remittance trend.

Information Source: Muscat Daily

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