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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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

id	okr-10986-10958
recordtype	oai_dc
spelling	okr-10986-109582021-04-23T14:02:53Z Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead Ratha, Dilip Mohapatra, Sanket Silwal, Ani 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 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. 2012-08-13T13:41:34Z 2012-08-13T13:41:34Z 2009-11 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 English Migration and Development Brief; No. 11 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	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
spellingShingle	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 Ratha, Dilip Mohapatra, Sanket Silwal, Ani Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead
relation	Migration and Development Brief; No. 11
description	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.
format	Publications & Research :: Brief
author	Ratha, Dilip Mohapatra, Sanket Silwal, Ani
author_facet	Ratha, Dilip Mohapatra, Sanket Silwal, Ani
author_sort	Ratha, Dilip
title	Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead
title_short	Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead
title_full	Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead
title_fullStr	Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead
title_full_unstemmed	Migration and Remittance Trends 2009 : A Better-Than-Expected Outcome So Far, But Significant Risks Ahead
title_sort	migration and remittance trends 2009 : a better-than-expected outcome so far, but significant risks ahead
publisher	World Bank, Washington, DC
publishDate	2012
url	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
_version_	1764414999059496960

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

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