Global Slowdown In Remittances

An article in the Washington Times pointed me towards a recent report by the International Organization for Migration, which is describing a global slowdown in remittances.

The flow of remittances to developing nations - currently about $283 billion, according to the World Bank - could decline by up to 9 percent because of the global slowdown, he said.

India was the top recipient of remittances last year, amounting to $27 billion, or about 3 percent of its gross domestic product.

Remittances received by China reached $25.7 billion; the Philippines, $17.2 billion; and Bangladesh, $6.6 billion; according to the IOM's "World Migration 2008" report.

Mexico got $25.7 billion in 2007, it said.

John Zaracostas - Washington Times (8 December 2008)

Remittances are the life blood of many people living in the majority world. This economic slowdown and the fall of remittances could be disastrous for many migrant sending nations.