Author: Al Jazeera

For many emerging market economies, remittances have become a lifeline. Inflows surpassed $669 billion in 2023, according to World Bank research, and they now represent significant portions of GDP in these countries, often outpacing foreign direct investment as the primary source of foreign exchange. Traditional banks and agents maintain a firm grip on the remittance market, with over 60% market share despite fierce competition from new tech challengers.Read More

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Turmoil in Europe’s car sector could hit the central European economy and hurt banks’ asset quality, S&P Global said on Tuesday, although it added that lenders were strong enough to withstand stress in their automotive portfolios. Automakers across Europe have announced plant closures and big layoffs as they struggle with weak demand, high costs, competition from China and a slower-than-expected transition to electric vehicles. The sector is a mainstay of central Europe’s economic growth, accounting for 5% to 10% of the region’s gross domestic product and 5% of its employment, according to S&P.Read More

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