A record of expected remittances to developing countries

The remittances will be a very important source of revenue in poor countries after rising rapidly this year, a World Bank report said.

The report predicted that the volume of funds sent to developing countries will increase by 10.8 per cent this year, to $ 528 billion.

The World Bank said the new record came after robust growth of 7.8 percent recorded in 2017, according to the newspaper "Economic" Saudi Arabia.

Overall, remittances, which include those sent to rich countries, are expected to reach 689 billion in 2018, up 10.3 percent.

Remittances flowed to all regions, but especially to Europe and Central Asia (20 percent), South Asia (13.5 percent), Sub-Saharan Africa (9.8 percent), the Middle East and North Africa (9.1 percent) Caribbean (9.3 per cent) and East Asia and the Pacific (6.6 per cent).

India is one of the top countries with the funds, with a total of $ 80 billion, followed by China ($ 67 billion), Mexico and the Philippines (34 billion each) and Egypt ($ 26 billion).

The World Bank added that the increase in remittances was directly linked to the strength of the economy and job opportunities in the United States and to a revival in the Gulf countries.