The World Bank projected expatriates’ remittance inflows to Lebanon to reach $7.67 billion in 2014, constituting an increase of 1.6 percent from $7.55 billion in 2013 and compared to inflows of $6.91 billion in 2011 and $6.92 billion 2012.
The World Bank also revised upward its 2013 estimate for remittance inflows to Lebanon from an April estimate of $7.2 billion.
Lebanon would be the 18th largest recipient of remittances globally and the 13th largest recipient among 135 developing economies in 2014. Also, it would be the second largest recipient of remittances among 16 Arab countries and the third biggest recipient among 48 UMICs, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
Further, Lebanon would post the 12th highest growth rate in remittance flows among the 15 largest recipients of remittances in developing economies this year, better than India (+1.5 percent), Egypt (+0.9 percent) and Ukraine (-6.9 percent).
In comparison, the World Bank forecast remittance inflows to developing countries to rise by 5.1 percent, while flows to Arab countries would increase by 2.4 percent and inflows to Upper Middle Income Countries would grow by 6.2 percent in 2014.
Globally, Lebanon would receive more remittances than Russia ($7.33 billion), Sri Lanka ($7.2 billion) and Morocco ($6.82 billion), and less than Poland ($7.96 billion), Italy ($8.22 billion) and Indonesia ($8.35 billion).
Remittance inflows to Lebanon would be second only to Egypt ($18 billion) among Arab countries, and lower than those to China ($64.1 billion) and Mexico ($24.2 billion) among UMICs.
Remittance inflows to Lebanon would account for 1.3 percent of the global inflow of remittances in 2014 relative to 1.4 percent in 2013 and 1.3 percent in 2012. They would represent 1.7 percent of aggregate remittances to developing economies this year relative to 1.8 percent in 2013 and 1.7 percent in 2012, while they would account for 15.2 percent of remittance inflows to Arab countries in 2014 relative to 15.3 percent in 2013 and 14.1 percent in 2012. They would also represent 4.7 percent of remittance inflows to UMICs in 2014 relative to 4.9 percent in 2013 and 4.7 percent in 2012.
Further, expatriates’ remittances to Lebanon would be equivalent to 16.2 percent of GDP in 2014, similar to Jamaica, and constituting the 13th highest such ratio in the world. It would come behind Tajikistan (39.1 percent of GDP), Nepal (31.7 percent), the Kyrgyz Republic (31 percent), Moldova (25.3 percent), Armenia (24.4 percent), Lesotho (22.2 percent), Haiti (21.9 percent), Gambia (21.1 percent), Liberia (18.6 percent), Honduras (17.2 percent), El Salvador (17 percent) and Samoa (16.8 percent).
Expatriates’ remittances to Lebanon were equivalent to 16.8 percent of GDP in 2013 and 16.1 percent of GDP in 2012. The World Bank forecast remittance inflows to Arab countries at $50.5 billion in 2014, equivalent to about 2.1 percent of the region’s GDP this year.
The Daily Star