Lebanon’s remittance inflows fell by 13.4 percent in 2024, totaling $5.8 billion, down from $6.7 billion the previous year, according to the latest World Bank estimates cited by Byblos Bank’s Lebanon This Week. This decline contrasts sharply with global trends, as many other developing nations saw an increase in remittances.

While Lebanon’s total remittance receipts were lower than the annual average of $6.38 billion between 2020 and 2024, many developing countries experienced growth in this area. In fact, global remittance inflows to developing nations rose by 5.8 percent in 2024, with Arab countries seeing a 5.1 percent increase and lower- or middle-income countries (LMICs) recording a rise of 9.7 percent.

In terms of its economic impact, remittances continued to represent a significant portion of Lebanon's economy. In 2024, remittance receipts accounted for 17.7 percent of Lebanon’s nominal GDP, making it the 17th highest ratio globally. This figure is a drop from 27.6 percent in 2023 and 32.1 percent in 2021, when Lebanon’s economic crisis reached its peak.

These funds have been crucial for Lebanese families, helping them survive through periods of severe hyperinflation and the dramatic devaluation of the Lebanese pound, which pushed over 44 percent of the population below the poverty line.

Globally, Lebanon ranked as the 37th largest recipient of remittances in 2024, placing 25th among developing countries and 14th among LMICs. In the Arab world, it was the third-largest recipient of remittances, following Egypt, which received $22.7 billion, and Morocco, with $12 billion.

The decrease in remittance inflows highlights the growing challenges facing Lebanon’s diaspora, but these financial transfers remain a lifeline for many families in the country, helping mitigate the effects of a continued economic crisis.