Monday, March 30, 2009

"World Bank Lowers Remittances Forecast for 2009 as Financial Crisis Deepens"

According to the World Bank:
  • Remittances will fall to $290 billion in 2009, from last year's high of $305 billion
  • Even with the drop, remittances will outstrip private capital flows and official development aid
Top 5 Recipients of Remittances in 2008
  • India: $45 billion
  • China: $34 billion
  • Mexico: $26 billion
  • Philippines: $18 billion
  • Poland: $11 billion
Comment: The five percent drop in remittances, together with a drop in exports and a drop in development assistance should result in really hard times. And of course, the reality could be worse than the forecast. JAD

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