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International migration increased remittances contribution

Geneva, May 7 (Prensa Latina) International remittances increased from 128 billion in 2000 to 831 billion in 2022, which denotes the role of migration as a driving agent of economic growth, the United Nations confirmed today.

The increase in the flow of money has not stopped at all, although some analysts predicted a significant decrease due to the Covid-19 pandemic, according to the International Organization for Migration (IOM).

Of the $831 billion in remittances, $647 billion were sent by migrants to low- and middle-income countries, the report revealed.

These monetary contributions, the text warns, can make up a very significant portion of the Gross Domestic Product (GDP) of poor nations, but the connotation goes much further: worldwide, remittances exceeded the amount of foreign direct investments.

The report shows that there are significant changes in migration patterns on a global scale, including a record number of displaced persons and a considerable increase in remittances.

IOM Director General Amy Pope presented the results of the survey in Bangladesh, a country that is at the forefront of migration challenges in terms of emigration, immigration and displacement, the organization said on its website.

Pope says that the World Migration Report 2024 helps demystify the complexity of human mobility through analysis and evidence-based data.