Moroccan Diaspora Remittances to Reach $12 Billion, Boosting National Economy

Remittances from MRE are expected to reach more than $12 billion by the end of 2023, an increase of 8.6% compared to 2022. This represents nearly 20% of remittances to the MENA region, estimated at $61 billion and down 5.3%, reports the weekly L’Observateur du Maroc et d’Afrique. Egypt ($24.2 billion) is the largest recipient of migrant remittances in the MENA region, followed by Morocco. With $2.7 billion, Tunisia ranks third, ahead of Algeria ($1.8 billion). At the African level, Morocco ranks third in terms of remittances, behind Nigeria ($20.5 billion) and Egypt.

According to the World Bank, remittances to Morocco have surpassed foreign direct investment in recent years, becoming a crucial source of income for Moroccan families. Another finding: the violent earthquake of September 8 did not have a negative impact on MRE transfers. These increased by 6.1%, reaching 96.4 billion dirhams ($9.5 billion) in the first 10 months of 2023. "In addition to international aid, remittances from Moroccan diasporas help mitigate the consequences of natural disasters, supporting reconstruction and financial stability," it states.

Despite global economic downturns, growth in remittances to Morocco in 2024 should remain around 6%, exceeding the MENA regional average of 2.1%, the World Bank estimates, noting that the resilience of labor markets in advanced economies and GCC countries is favoring this trend, in contrast with the expected decline at the global level.