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<\/a><\/p>\nPaul Redfern<\/p>\n
1 December 2011<\/p>\n
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London \u2014 Remittance flows to developing countries are expected to total $351 billion this year, according to a newly updated World Bank brief on global migration and remittances.<\/p>\n
More than 215 million people live outside their countries of birth. Remittances sent home by migrants accounted for 2 per cent of GDP for all developing countries in 2008, but 6 per cent of GDP for low-income countries in particular.<\/p>\n
In several small low-income countries, remittances exceed a fifth of GDP and provide the largest source of foreign exchange. Remittances to developing countries are also three times the size of official development assistance.<\/p>\n
In 2010, remittances recovered to the 2008 level of $325 billion after having dropped to $307 billion in 2009. The drop was as a result of the global financial crisis.<\/p>\n
Flows are projected to rise to $346 billion in 2011 and $374 billion by 2012, although this may well depend on how the financial crisis in Europe in particular unfolds.<\/p>\n
The top recipients of officially recorded remittances, estimated for 2011, are India ($58 billion), China ($57 billion), Mexico ($24 billion), and the Philippines ($23 billion). Other large recipients include Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon.<\/p>\n
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