Friday, 10 May 2024 03:04

International remittances increase 650% in 22 years

Written by Denis Muñoz
International remittances increase 650% in 22 years Courtesy

The Organización Internacional para las Migraciones (IOM) through a United Nations (UN) report affirmed the increase of remittances from US$128,000 to US$831,000 million in a 22 year period.

This increase represents an increase of 650%, which is higher than foreign direct investment in developing economies.

In El Salvador, remittances have increased, reaching US$8.1 billion by the end of 2023, the highest amount in three decades.


The study highlights that the upward trend in remittances continued despite the economic crisis resulting from the COVID-19 pandemic.

International migration is a driver of human development and economic growth, says the World Migration Report 2024.

Of the US$831 billion remitted, US$647 billion was sent by migrants to low- and middle-income countries. "These remittances can make up a very significant portion of the Gross Domestic Product of these countries", notes the IOM.


The amount of money sent home by migrants exceeds the foreign direct investment of developing nations, reveals a new report by the migration agency, which also highlights the record number of displaced persons.


Translated by: A.M