Remittance Flows to Developing Countries to Decline in 2009

Source: The World Bank

"Remittance flows to developing countries are expected to be $304 billion in 2009, down from an estimated $328 billion in 2008, said the Bank, releasing a new migration and remittances brief to coincide with an International Diaspora and Development Conference that ran July 13-14. The predicted a 7.3% decline in remittances this year is far smaller than that for private flows to developing countries. According to the Bank, remittances are relatively resilient because, while new migration flows have declined, the number of migrants living overseas has been relatively unaffected by the crisis. However, sources of risk to the outlook include uncertainty about the depth and duration of the current crisis, unpredictable movements in exchange rates, and the possibility that immigration controls may be tightened further in major destination countries." Read more...