Diaspora remittances to Lebanon have increased by seven percent in 2022

Lebanon Economy
2022-12-08 | 08:05
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Diaspora remittances to Lebanon have increased by seven percent in 2022
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Diaspora remittances to Lebanon have increased by seven percent in 2022
From 6.4 billion dollars in 2021 to 6.84 billion in 2022, diaspora remittances to Lebanon increased. 

An increase of 7%, at a rate of 1368 dollars annually for each Lebanese, given that the number of Lebanese is 5 million.

In analyzing this increase, it must be said that the growth rate compared to last year, which amounted to 7%, exceeded the gain achieved by emerging countries, which is 5%, and some Arab countries, which is 1.8%.

Observers stressed that these remittances result from a unique social contract between expatriates and their resident families. Still, at the same time, they reflect the continuation of waves of migration, especially to the Gulf countries, North America, Australia, Africa, and Western Europe, all of which are primary sources of remittances.

These transfers are not investments in Lebanon or deposits in its banks. Instead, they are an aid to Lebanese families to spend on the daily needs of food, housing, hospitalization, education, and repayment of some loans and others. Therefore, these transfers are considered critical in revitalizing the economic movement through consumption and increasing treasury revenues.

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