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HomeNewsTunisia: expat remittances rise 2.5% in 2020 (WB)

Tunisia: expat remittances rise 2.5% in 2020 (WB)

Expat remittances to Tunisia went up 2.5% in 2020 in comparison with 2019, according to a World Bank’s Migration and Development Brief released Wednesday.

“Remittance flows to the Middle East and North Africa region rose 2.3% to about $56 billion in 2020. The growth is largely credited to strong remittance flows to Egypt and Morocco,” reads the brief.

Flows to Egypt increased 11 percent to a record high of nearly $30 billion in 2020, while flows to Morocco rose 6.5 percent.

In 2021, remittances to the region are likely to grow 2.6 percent due to moderate growth in the euro area and weak outflows from the Gulf Cooperation Council (GCC) countries.

Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected. 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.

The decline in recorded remittance flows in 2020 was smaller than the one during the 2009 global financial crisis (4.8 percent).

“As COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable,” said Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice at the World Bank.

“Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants,” he further said.

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