WB: Egypt fifth among world's most remittance recipient countries in 2020

WASHINGTON, May 14 (MENA) - Egypt ranked the fifth among the world's most remittance recipient countries in 2020, according to a report released by the World Bank Group titled "Migration and Development Brief."

The report showed that flows to Egypt increased 11 percent to a record high of nearly $30 billion in 2020, while India, the world's largest recipient country by far, received $83.1 billion, followed by China ($59.5 billion) then Mexico ($42.9 billion) and the Philippines ($34.9).

Officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total of $548 billion.

Remittance outflow was the maximum from the United States ($68 billion), followed by UAE ($43 billion), Saudi Arabia ($34.5 billion), Switzerland ($27.9 billion), Germany ($22 billion), and China ($18 billion).

In 2021, remittance flows to the region are projected to rise by 2.6 percent, supported by improving prospects for growth in high-income countries.