Developing countries expected to receive total of $351 billion in foreign remittances this year: World Bank

01.12.2011 20:46
Developing countries expected to receive total of $351 billion in foreign remittances this year: World Bank

YEREVAN, December 1. /ARKA/. Developing countries are expected to receive a total of $351 billion in foreign remittances, while worldwide remittances including those to high-income countries will reach $406 billion in the current calendar year, according to a newly updated World Bank report on global migration and remittances.

According to the report, India will be the largest recipient of $58 billion, to be followed by China ($57 billion), Mexico ($24 billion) and the Philippines ($23 billion). Other large recipients include Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon.

The World Bank said though the economic slowdown is dampening employment prospects for migrant workers in some high-income countries, global remittances are expected to stay on a growth path and are forecast to reach $515 billion by 2014.  Of this amount, $441 billion will flow to developing countries.

"Despite the global economic crisis that has impacted private capital flows, remittance flows to developing countries have remained resilient, posting an estimated growth of 8 per cent in 2011," said Hans Timmer, the Director of the bank's Development Prospects Group.

"Remittance flows to all developing regions have grown this year, for the first time since the financial crisis," he said.

The bank said high oil prices have helped provide a cushion for remittances to Central Asia from Russia and to South and East Asia from the Gulf Cooperation Council (GCC) countries.  The bank expects continued growth in remittance flows going forward, by 7.3 per cent in 2012, 7.9 per cent in 2013 and 8.4 per cent in 2014.-0-


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