24 Feb 2025
Belgium’s economy grew by 1.3% in 2024 and is expected to grow by 1.4% in 2025. It’s a strong and stable economy, but challenges like rising living costs and a slower global market remain persistent. These changes affect everyone living in Belgium, including Gambian expats. Many expats work hard to earn and send money to Gambia from Belgium. As they have to face these challenges, finding better ways to save and send money becomes even more critical. Let’s look at how these economic trends impact them.
Belgium has a relatively low unemployment rate, 5.50% in June 2024. This is good news for Gambian expats, as more job opportunities are available. You can find work in your favorite field with the required skill set.
Securing a job is essential for expats. Stable employment helps them to manage their living costs and make a money transfer from Belgium to Gambia. Sending money to family is a significant priority for the Gambians abroad, as it helps cover critical needs back home.
While job opportunities remain eminent, the cost of living in Belgium is increasing day by day. The inflation rate in 2024 is 3.06%, making everyday items more expensive. For Gambian expats, higher prices for food, rent, and transportation make it harder to save money.
With rising expenses, there’s less money left to send home. Remittances are essential for the Gambian families, who rely on this support for education, healthcare, and daily living costs. As living costs rise, expats must find ways to balance their own expenses while still helping their loved ones back home in Gambia.
Interest rates in Belgium have been rising, making it more expensive to borrow money. This means loans for commodities like buying a house or starting a business are costlier, adding financial pressure.
For expats, managing finances wisely is important. High loan costs mean they must focus on saving and spending carefully. Avoiding unnecessary debt is crucial for maintaining financial stability and enabling continued support for family in Gambia.
Despite facing economic headwinds such as inflation, Denmark's economy maintains pockets of growth within certain sectors. Healthcare, technology, and construction continue to offer various job opportunities. Expats with the right skills and qualifications can find stable work within these fields.
These jobs not only offer steady income but also allow Gambian expats to manage their finances more easily. With a secure job, they can save money and send regular remittances back home.
Sending money home is a top priority for many Gambian expats in Belgium. In 2023, over USD 129,100 million (EUR 6.5 billion) was sent from Belgium as remittances. For Gambian families, these money transfers act as the savior. They help pay for the school fees, medical bills, and fundamental needs. This financial support strengthens families, boosts local economies, and enhances overall community well-being in The Gambia.
Remittances are very important for the Gambian economy. They help the GDP grow, which have reached 2.48 billion USD by the end of 2024. Money sent from abroad supports local businesses and creates various job opportunities. This helps the country grow by alleviating poverty. In short, remittances not only help families but also contribute to the overall development and stability of the country.
For Gambian expats, sending money home is very important. Despite challenges like higher living costs, expats remain committed to supporting their families through remittances. ACE Money Transfer makes it easier to send money online to Gambia from Belgium. With low fees and greater exchange rates, ACE makes sure your money reaches your families. ACE provides a quick and secure way to help loved ones thrive. If you want a reliable method to send money home, choose ACE Money Transfer today!
Gambia's economy is primarily driven by agriculture, tourism, and remittances, which play a significant role in its economic development.
Remittance costs vary by service provider, but they can range from 5% to 10% of the total amount sent, depending on the method and platform used. It is recommended to compare the charges of different remittance service providers so that you can make an informed decision.
Expats might face challenges such as higher transfer fees, unfavorable exchange rates, and delays within the transfer process. These factors can significantly impact the amount of money that ultimately reaches its destination.
Exchange rate fluctuations can significantly influence the amount of money that families receive in Gambia. A weaker local currency means that the value of remittances decreases when converted to Gambia's currency. This can lead to challenges for families relying on these funds for daily expenses.
Remittances serve as a vital source of income for many families in Gambia. They help cover basic needs like food, shelter, and healthcare. By providing financial support, remittances help families to escape the cycle of poverty and invest in education, ultimately leading to improved economic growth.
