The World Bank upgraded its estimate for expatriates’ remittances inflows to the country in 2010 to $8.4 billion from an earlier forecast of $8.2 billion.

The growth of remittance flows to the country thus rose to 11 percent from 8 percent in the earlier projection. The World Bank said remittance inflows actually grew by 6.5 percent in 2010 when adjusted for inflation in local currency.

The country posted the second fastest growing rate in remittances among the 10 largest recipients in developing economies in 2010. It was the 12^th largest recipient of remittances globally, the 8^th largest recipient among developing economies, and the largest in the MENA region.

Remittances inflows to the country accounted for nearly two percent of the global inflow of remittances in 2010. They accounted for 21.7 percent of remittance inflows to Arab countries and 22 percent of total remittance flows to the MENA region.

The World Bank estimated expatriates’ remittances inflows to represent 22 percent of GDP in 2010, the 7^th highest such ratio in the world.

The World Bank projected the flow of remittances to the MENA region to increase by 3.4 percent to $37 billion in 2011, constituting the slowest growth rate among all developing regions.