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- The World Bank expects remittances from Moroccans living abroad (MREs) to reach about MAD85 billion ($9.3 billion) by the end of the current year
- This will be a 25% increase compared to last year and would make up for 7.4% of the country’s GDP. Remittances have been a major source of income for the Moroccans
- It has supported them during the stressful days of the Covid-19 pandemic
The World Bank expects remittances from Moroccans living abroad (MREs) to reach about MAD85 billion ($9.3 billion) by the end of the current year. This will be a 25% increase compared to last year and would make up for 7.4% of the country’s GDP. Remittances have been a major source of income for the Moroccans. It has supported them during the stressful days of the Covid-19 pandemic.
According to the World Bank remittances to the developing countries in the Middle East and North Africa would grow by an estimated 9.7% in 2021, reaching about S$ 62 billion.
Egypt has the highest share of remittances at US$ 33 billion ahead of Morocco, which has only US$ 9.3 billion, followed by Lebanon with US$ 6.6 billion. Remittances to Algeria, Morocco and Tunisia increased by 15.2% during this year. However, the flow of remittances to countries like Djibouti, Jordan and Lebanon had declined as compared to the previous year.
