These financial flows, which constantly exceed foreign direct investment (FDI), constitute a fundamental pillar of the Moroccan economy, representing 8.2% of the country’s GDP. Their importance was particularly significant in 2023, especially after the Al Haouz earthquake, where remittances played a crucial role in supporting disaster-stricken populations, the newspaper recalls. the Economist.
World Bank data confirm the countercyclical nature of remittances, which typically increase during times of crisis in migrants’ home countries. This trend was confirmed in 2023, despite a global economic context marked by slowing growth in the Gulf Cooperation Council (GCC) countries.
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Despite this unfavorable environment, remittances to the MENA region are expected to show a moderate increase of 4.3% in 2024, followed by a further increase of 5.5% in 2025. This resilience is partly explained by the unification of exchange rates in Egypt in March 2024, which led to a rebound in official flows to this country.
While remittances are a key source of financing for developing countries, their cost remains too high. In 2023, the average cost of sending $200 to the MENA region was 6.2%, compared to 6.7% the previous year. Efforts must therefore be made to reduce these costs and make remittances more accessible to migrants. The issue has been repeatedly addressed by the Moroccan authorities, but nothing concrete has been decided so far.
In 2023, remittances to low- and middle-income countries reached $656 billion, surpassing foreign direct investment and official development assistance. These financial flows have played a vital role in supporting the current account of many countries facing food insecurity and debt problems.
