World Bank: Payments to Developing Countries Hits New Global Record

The world bank recently released new details regarding the state of the global economy, whereby they announced that financial transfers and remittances to poor and developing economies hit a new world record in 2018.

Migrants and sent an estimated USD $530 billion to low- and middle-income countries last year in 2018, up almost 10% from the previous financial year, which had also broken records. The figure now makes the transfers or wires to developing countries their largest source of external financing so far in 2019.