Source: Byblos Bank
Security & Justice
Over 70% of Baalbek Residents Forced to Flee Amid Escalating Conflict
Over 70 percent of Baalbek’s residents have fled the eastern Lebanese city in recent days following heavy Israeli bombardment and evacuation orders, according to the National News Agency (NNA).
Tuesday, November 5, 2024
Southern Lebanon Endures Massive Damage: 40,000 Homes Leveled Across 37 Towns
Israeli forces have systematically destroyed entire neighborhoods in southern Lebanon, leveling more than 37 towns and wiping out over 40,000 residential units, according to Lebanon's National News Agency.
Tuesday, November 5, 2024
Opinion
My Hope for Lebanon
A company of Lebanese soldiers assigned to maintain order in this anxious wartime capital is gathered at its headquarters 100 yards from the Mediterranean. I make the blunder of asking their commander how many of his men are Shiites, Sunnis, Christians and Druze.
Monday, November 4, 2024
The Emptying of Baalbek Is a Moment to Take Stock
“Large numbers of people continue to flee their homes every day, as Israel’s military operations in Lebanon have been going on unabated.” These disturbing words could be from almost any news report about Israel’s invasion of its northern neighbour over the past month. However, they can be found in a report by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre issued on July 27, 2006.
Saturday, November 2, 2024
Sports
FC Barcelona Fears First Team Star Will Be Banned From Playing, Reports SPORT
FC Barcelona is concerned that one of its main first-team stars will be banned from playing at the turn of 2025 because of issues related to his registration and Financial Fair Play (FFP) limits according to SPORT, which cited anonymous sources.
Friday, November 1, 2024
Tottenham Forward Son Heung-min Crowned Asia’s International Player of the Year
Tottenham forward Son Heung-min was crowned as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation at its annual awards ceremony Tuesday.
Wednesday, October 30, 2024
Thursday 4 July 2024 15:39:15
Expatriates' Remittances to Lebanon up 4% to $6.7 Billion in 2023
The World Bank estimated the inflows of expatriates' remittances to Lebanon at $6.7bn in 2023, constituting an increase of 4.1% from $6.44bn in 2022, following a rise of 1.3% in 2022 from the preceding year. In comparison, it estimated that remittance inflows to developing countries grew by 0.7% and inflows to Arab countries declined by 14.2% in 2023.
Lebanon was the 31st largest recipient of remittances in the world and the 21st largest among developing economies in 2023. Lebanon received more remittances than Sri Lanka ($6bn), Russia ($5.8bn) and Serbia ($5.77bn), and less remittances than Thailand ($9.6bn), Honduras ($9bn), and El Salvador ($8.2bn) among developing economies in 2023. Also, Lebanon was the third largest recipient of remittances among 16 Arab countries behind Egypt ($19.5bn) and Morocco ($11.8bn) in 2023.
Remittance inflows to Lebanon accounted for 0.78% of the global flow of remittances in 2023 relative to 0.76% in 2022. They also represented 1% of aggregate remittances to developing economies in each of 2023 and 2022, while they accounted for 11.5% of remittance inflows to Arab countries last year compared to 9.5% in 2022.
Further, according to the World Bank, expatriates' remittances to Lebanon were equivalent to 30.7% of GDP in 2023, which constituted the third highest such ratio in the world behind Tonga (40.6% of GDP) and Tajikistan (39% of GDP). Expatriates' remittances to Lebanon were equivalent to 13.9% of GDP in 2019, 26.7% of GDP in 2020, 27.5% of GDP in 2021, and 30.66% of GDP in 2022.
In parallel, the World Bank estimated the outflow of remittances from Lebanon at $1.78bn in 2023, representing an increase of 2.2% from $1.74bn in 2022, following a decrease of 10% in 2022 from the previous year. As such, net remittance inflows to Lebanon totaled $4.92bn in 2023, constituting an increase of 4.7% from $4.7bn in 2022. In comparison, the bank estimated that remittance outflows from developing countries contracted by 4.4% and outflows from Arab countries declined by 14.7% in 2023.
Lebanon was the 36th largest source of remittances in the world and the ninth largest among developing economies in 2023. Remittances outflows from Lebanon were higher than outflows from the Dominican Republic ($1.06bn), Mexico ($1.05bn) and Türkiye ($951m), and lower than from Thailand ($7bn), Kazakhstan ($2.4bn), and Brazil ($2.3bn) among developing economies in 2023. Also, Lebanon was the sixth largest source of remittances in the Arab world behind the UAE ($38.5bn), Saudi Arabia ($38.4bn), Kuwait ($12.7bn), Qatar ($11.8bn), and Bahrain ($2.7bn) in 2023.
Remittance outflows from Lebanon accounted for 0.34% of the global outflow of remittances in 2023 relative to 0.33% in 2022. They also represented 0.58% of aggregate remittances from developing economies in 2023 and 0.63% in 2022, while they accounted for 1.7% of remittance outflows from Arab countries last year compared to 1.4% in 2022.
Further, according to the World Bank, expatriates' remittances from Lebanon were equivalent to 8.2% of GDP in 2023, which constituted the third highest such ratio in the world behind Luxembourg (21% of GDP) and Timor-Leste (17.5% of GDP).
As such, net remittance inflows to Lebanon were equivalent to 22.6% of GDP in 2023, compared to 22.4% of GDP in 2022, 19.1% of GDP in 2021, 15.5% of GDP in 2020 and 5.7% of GDP in 2019.