Remittances remain a crucial source of external finance for low- and middle-income countries (LMICs). In 2023, remittance flows to LMICs were supported by strong labor markets in the advanced economies, particularly in the United States, which stands as the largest source country for remittances and the primary destination country for migrants. However, reduced remittances from the Gulf Cooperation Council (GCC) countries and the Russian Federation negatively impacted the growth of remittances to the Middle East and North Africa and Europe and Central Asia. In several countries, a divergence between market exchange rates and official rates discouraged remittance flows through official channels. By region, remittance flows to Latin America and the Caribbean saw the highest increase, at 7.7 percent. South Asia’s remittances grew by 5.2 percent, largely driven by robust flows to India, while the East Asia and Pacific region experienced 1.8 percent growth, supported by remittances to the Philippines. In contrast, Sub-Saharan Africa saw a slight decline of 0.3 percent in remittance flows, yet remittances continued to bolster the current accounts of several countries grappling with food insecurity and debt issues. Based on new census data and national statistics, the stock of international migrants is estimated to have been 302 million in 2023. The largest migration corridor is from Mexico to the United States. According to the UNHCR, by December 2023, the number of refugees and asylum seekers fleeing war, violence, and persecution had reached 50 million. Strong migration pressures facing tighter borders in many destination countries seem to have increased the number of transit migrants, for example, in Mexico and in countries bordering Europe.