Global Remittances Stays Durable But Slower In 2023
By Indu Tyagi Ketan , 30 June, 2023
Due rise in oil prices in the Gulf Cooperation Council (GCC) countries resulted in the increasing earnings of the migrants, a strong labor market in the United States, and a hefty sum of money transfer from the Russian Federation countries in Central Asia. India was among the top five recipient countries in 2022, with a reception of USD 111 billion, followed by Mexico, with a remittance of USD 61 billion. Tajikistan, with a recipient of remittance of 51 percent in the Gross Domestic Product (GDP) followed by Tonga at 44 percent and Lebanon at 36 percent GDP, relies on the remittance inflow for financing current accounts and the fiscal shortfalls, as reported by World Bank.Â
Latest News
The clean energy transition will gain momentum in different nations in 2024. The economies around the world are planning to transform their energy sector to adopt renewables. This is due to the goal of achieving clean energy by the end of 2050.
…
The Chinese government decides to soar in gasoline and diesel prices in between the increasing crude oil prices in 2024. Around the beginning of the first quarter of 2024, crude oil prices are experiencing a sudden price hike. Therefore, the gasoline…
The magnesium metal market is growing due to its versatility in various sectors. The metal is widely used in different industrial applications. Thus, magnesium metal is expected to grow throughout 2024. Magnesium batteries will be an alternative to…
The magnesium metal market is growing due to its versatility in various sectors. The metal is widely used in different industrial applications. Thus, magnesium metal is expected to grow throughout 2024. Magnesium batteries will be an alternative to…
Artificial intelligence is growing exponentially in today’s world. It is used in different applications ranging from tech to healthcare. Artificial intelligence can transform the efficiency of work in every sector if used wisely. International…
Chief Strategy Officer