Remittance flows to lower middle income countries were adjusted in 2023.

According to Amac News: The World Bank said that the flow of remittances to low-middle income countries has reached about 656 billion dollars.
The World Bank said that the average growth rate of 0.7 percent reflects changes in regional growth.
Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions, the report said.
Regional remittance trends show that remittances to East Asia and the Pacific, excluding China, will grow by 4.8% to reach $85 billion in 2023, and remittances to Europe and Central Asia will decrease by 10.3% to It has reached 71 billion dollars.
In Latin America and the Caribbean, remittance growth slowed to 7.7% in 2023 to $156 billion. Remittances sent to the Middle East and North Africa decreased by 15% to 55 billion dollars.
While South Asian countries will reach $186 billion in 2023 with a growth of 5.2%, and Sub-Saharan Africa will reach $54 billion in 2023, showing a slight decrease of 0.3%.
Sending a remittance is very expensive. In the fourth quarter of 2023, the global average cost of sending $200 was 6.4% of the amount sent, up slightly from 6.2% last year and well above the SDG target of 3%.
Digital remittances cost 5% less compared to 7% for non-digital methods, indicating the benefits of technological advances in reducing the financial burden on migrants.