Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead

Newly available data show that officially recorded remittance flows to developing countries reached $338 billion in 2008, higher than our previous estimate of $328 billion. Based on monthly and quarterly data released by some central banks and in l...

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Bibliographic Details
Main Authors:	Ratha, Dilip, Mohapatra, Sanket, Silwal, Ani
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AMOUNT OF REMITTANCES ANTI-MONEY LAUNDERING ASSETS BALANCE OF PAYMENTS BALANCE OF PAYMENTS STATISTICS BANK DEPOSITS BILL BORDER TRANSFERS CAPITA INCOME CAPITAL FLOWS CAPITAL MARKET CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS COMPENSATION OF EMPLOYEES CONSTANT EXCHANGE RATE COUNTRIES OF ORIGIN DATA ON REMITTANCES DEPOSITS DEPRECIATION DESTINATION COUNTRY DEVELOPING COUNTRIES DOLLAR EXCHANGE RATE ECONOMIC CONDITIONS ECONOMIC CRISIS ECONOMIC GROWTH EMERGING MARKETS EMIGRATION EMPLOYMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXPENDITURES EXTERNAL FINANCING FINANCIAL CRISIS FOREIGN WORKERS GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT GROWTH RATE HIGH LEVELS OF REMITTANCES HOST COUNTRIES HOST COUNTRY HOUSING ILLEGAL IMMIGRANTS ILLEGAL IMMIGRATION INCOME INCOME SHOCKS INCOMES INFORMAL CHANNELS INFORMATION TECHNOLOGY INFRASTRUCTURE DEVELOPMENT INTEREST RATE INTEREST RATE DIFFERENTIALS INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL MIGRANTS INTERNATIONAL REMITTANCES INVESTMENT PURPOSES LABOR MARKET LEVERAGE LOCAL CURRENCY LOW-INCOME COUNTRIES MACROECONOMICS MARKET ACCESS MIDDLE-INCOME COUNTRIES MIGRANT REMITTANCES MIGRANT TRANSFERS MIGRANT WORKERS MIGRANTS MOBILE PHONE MONEY TRANSFER MUNICIPALITIES OIL PRICES OUTPUT OUTSOURCING PAYMENT SYSTEMS PHONE NETWORKS POLICY RESPONSES PRIVATE CAPITAL PRIVATE CAPITAL FLOWS QUOTAS RECESSION RECIPIENT COUNTRIES REMITTANCE REMITTANCE COSTS REMITTANCE FLOWS REMITTANCE INFLOWS REMITTANCE OUTFLOWS REMITTANCE RECEIVING REMITTANCE RECIPIENTS REMITTANCE SERVICE REMITTANCE SERVICE PROVIDERS REMITTANCES REMITTANCES FOR INVESTMENT RETURN RETURN MIGRANTS RETURN MIGRATION RETURNS SAVINGS SECURITY AGREEMENT SEND MONEY SEND REMITTANCES SKILLED MIGRANTS SKILLED WORKERS SLACK SLOWDOWN SMALL BUSINESSES STOCKS TAX TAX CREDIT TERRORISM UNEMPLOYMENT RATES VALUATION WORLD DEVELOPMENT INDICATORS
Online Access:	http://documents.worldbank.org/curated/en/2009/11/11510168/migration-remittance-trends-2009-better-than-expected-outcome-so-far-significant-risks-ahead http://hdl.handle.net/10986/10958

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Summary:	Newly available data show that officially recorded remittance flows to developing countries reached $338 billion in 2008, higher than our previous estimate of $328 billion. Based on monthly and quarterly data released by some central banks and in line with the World Bank's global economic outlook we estimate that remittance flows to developing countries will fall to $317 billion in 2009. This 6.1 percent decline is smaller than our earlier expectation of a 7.3 percent fall. While new migration flows have fallen, existing migrants are not returning even though the job market has been weak in many destination countries. We maintain our expectation of a recovery in migration and remittance flows in 2010 and 2011, but the recovery is likely to be shallow. In all the regions, remittance flows are likely to face three downside risks: a jobless economic recovery, tighter immigration controls, and unpredictable exchange rate movements. Despite these risks, remittances are expected to remain more resilient than private capital flows and will become even more important as a source of external financing in many developing countries. Policy responses should involve efforts to facilitate migration and remittances, to make these flows cheaper, safer and more productive for both the sending and the receiving countries.

Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead

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