Egypt has ranked fifth among the world’s top recipients of remittances in 2021 after India, Mexico, China, and the Philippines, with Egyptian expats transfered $32 billion to the country last year, according to the World Bank’s Migration and Development Brief published on May 11th.
Remittance flows to Egypt are expected to grow by 8% in 2022, which is a higher growth rate in remittances to the North African country compared to 6.4% in 2021, but less than the 10.5% recorded in 2020, the World Bank’s data showed.
Egypt topped recipients of remittances in the Middle East. The region garnered $61 billion in remittances in 2021.
“Remittance flows are of great importance to Egypt in offsetting persistent shortfalls in external and fiscal accounts,” the report said.
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