Remittances continue to serve as a vital source of support for the Lebanese economy and Lebanese families, amounting to approximately $7 billion in 2023. This represents 31% of Lebanon’s GDP for the same year, making Lebanon the third-highest recipient of remittances by share of GDP worldwide, only preceded by Tonga (41%) and Tajikistan (39%). Regionally, Lebanon has the highest percentage of remittances as a share of GDP and the third-highest total amount of remittances.

Remittances in Lebanon account for more than 80 percent of total external resource flows (the sum of remittances, FDI, and ODA), highlighting the significant impact of the Lebanese diaspora on the country’s macroeconomy. While the Lebanese diaspora is crucial to keeping our economy afloat, it’s time to focus on developing a more productive economy and boosting the GDP.

Check out the full World Bank report [here].