In 2024, remittances from diasporas will reach record levels, amounting to $685 billion according to the World Bank. With $12 billion received, Morocco ranks 14th in the world among low- and middle-income countries and 3rd in Africa.
Diaspora remittances continue to play a crucial role in the economies of many developing countries. According to the latest World Bank estimates, these financial flows are expected to reach $685 billion in 2024, surpassing official development assistance (ODA) and foreign direct investment (FDI) combined for the first time. In Morocco, the diaspora continues to actively contribute to the national economy, making the Kingdom one of the main recipients of remittances in Africa. With $12 billion in remittances this year, the Kingdom takes third place in Africa, behind Egypt and Nigeria.
A vital economic lever
Remittances constitute an important source of income for many Moroccan households. These remittances, mainly from Moroccan communities established in Europe (notably in France, Spain and Belgium), are used to support family expenses, finance real estate projects or encourage small businesses. Their impact goes far beyond the family context, boosting key sectors of the local economy, notably consumption and investment.
Compared to public aid or FDI, these funds offer the advantage of being direct, rapid and unconditional, thus consolidating their role as a safety net for households.
India and Mexico dominate the world rankings
If Morocco stands out in Africa alongside Egypt and Nigeria, on a global scale, the heavyweights remain countries like India, with 129.1 billion dollars, or Mexico, with 68.2 billion . These global giants benefit from a particularly massive diaspora.
Egypt (22.7 billion) and Nigeria (19.8 billion), the two other African leaders, also benefit from a structured diaspora, particularly in the Gulf countries and America.
It should be noted that the Moroccan diaspora crossed a new historic threshold with the transfers of funds it made to Morocco in 2023. According to data provided by the Moroccan Foreign Exchange Office, these transfers reached 115.3 billion dirhams, the equivalent of approximately 10.71 billion euros. This figure is an increase compared to the previous year, when transfers amounted to 110.8 billion dirhams, or approximately 10.3 billion euros.
It should also be noted that Morocco has made substantial progress in recent years to improve remittance channels, financial inclusion and access to digital transfers. These efforts are in line with the implementation of the new development model, one of the objectives of which is to consolidate the role of remittances as a driver of economic and social development.
