‘Critical lifeline’ of migrant cash expected to near £600bn in total

Sum sent back home from former residents of low-income countries surpasses overseas aid and rich nations' direct investment

Migrants from low- and middle-income countries are expected to send almost 600bn to support friends and relatives by the end of the year, after global economic growth spurred a 7.3% rebound in remittance payments.

The increase in cross-border payments, especially from migrants based in Europe and the US, reversed a 1.7% fall in remittance payments last year, the World Bank said.