01.12.2011 20:46
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.
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