attract USD114 billion, an increase of 7.2 per cent over 2011; while MENA is expected to receive USD 47 billion, an increase of 8.4 per cent over the previous year. Remittances to Egypt have surged since 2010, perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants.
Remittances to Latin America and Caribbean (LAC) were supported by a recovering economy and moderately improving labour market in the US, but were moderated by a weak European economy.
As a percentage of GDP, the top recipients of remittances in 2011 were Tajikistan (47 per cent), Liberia (31 per cent), Kyrgyz Republic (29 per cent), Lesotho (27 per cent), Moldova (23 per cent), Nepal (22 per cent), and Samoa (21 per cent).
Remittances are expected to remain flat to Europe and Central Asia and Sub-Saharan Africa regions, mainly because of the economic contractions in high-income European countries.
Remittance flows to Europe and Central Asia are estimated at a virtually unchanged USD 41 billion and USD 31 billion to Sub-Saharan Africa this year, although both regions are projected to make a robust recovery in remittance flows in 2013.