MANDALUYONG, Philippines—As the global economy is rebounding from the effects of the pandemic, remittances are set to bounce back by $34 billion this year and $31 billion in 2022, according to the Asian Development Bank.
The numbers have driven a 4.8% growth in the global remittances in 2021, although that is partly due to the effects of 2020’s low base. Migrants are also set to send more money home to reverse the low remittances made in the previous year, Bloomberg reported.
The UAE recorded a surplus of about 6.1 billion dirhams ($1.7 billion) in the first three quarters of this year, an increase of 80% when compared to the same period last year, Arab News reported, citing data from the UAE’s Ministry of Finance.
The country recorded revenues of 42.3 billion dirhams whereas expenses remained at 36.2 billion dirhams. Some 16.4 billion dirhams were spent on workers’ compensations and 10.1 billion dirhams on goods and services, Arab News said.