Global remittances from African diaspora to their home continent are set to exceed US$100 billion a year amid demographic trends in Europe such as an aging population and a low birth rate that are creating a need for continued migration.
Remittances to low- and middle-income countries (LMICs) grew an estimated 3.8 per cent last year, a moderation from the high gains of the previous two years, according to the World Bank’s latest Migration and Development Brief released recently. But the report adds that the risk of decline in real income for migrants in 2024 is of concern in the face of global inflation and low growth prospects.
