Morocco’s Diaspora Remittances Boost Economy, Rank Among Top in Africa

Diaspora remittances are expected to reach $685 billion in 2024. This is according to the latest estimates from the World Bank. It notes that these financial flows are surpassing for the first time official development assistance (ODA) and foreign direct investment (FDI) combined. Moreover, these funds have the advantage of being direct, fast and unconditional, thus consolidating their role as a safety net for households.

In Africa, Morocco ranks in the top 3 of the main recipients of remittances behind Egypt ($22.7 billion) and Nigeria ($19.8 billion). It occupies the 14th place worldwide among low- or middle-income countries. This year, Moroccans residing abroad (MRE) have sent $12 billion to Morocco. These transfers, mainly from Moroccan communities established in Europe (particularly in France, Spain and Belgium), are used for various purposes. These funds are used to support family expenses, finance real estate projects or encourage small businesses, in turn contributing significantly to Morocco’s GDP.

Globally, India ($129.1 billion) and Mexico ($68.2 billion) remain the heavyweights, thanks to a particularly massive diaspora.