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Remittances to East Asia & Pacific expected to fall by 4 to 7.4 percent in 2009

James I Davison's picture

As jobs become fewer and income harder to come by for immigrants in developed countries, the amount of money they send back home, known as remittances, is expected to fall this year more than previously expected. The Bank's Migration and Remittances team announced the latest outlook last week on its People Move blog: "We now expect a sharper decline of 5-8 percent in 2009 ... compared to our earlier projections," wrote economist Dilip Ratha, who leads the team.

While the steepest drops in remittances are expected for Europe and Central Asia – down 10-12 percent – countries in the East Asia and Pacific region are also forecasted to fall by 4-7.5 percent in 2009. Two of the world's biggest recipients of remittances are China, which received $34 billion in 2008, and the Philippines, which saw $18 billion last year. Other big receipients in East Asia include Indonesia, Vietnam and Thailand, according to the Bank's Migration & Remittances Factbook 2008.

China, Philippines and Indonesia, top remittance receivers in 2007

Michael Figueroa's picture

According to the Bank's recently published Migration and Remittances Factbook, the Top 10 remittance recipients in East Asia & Pacific in 2007 were: China ($25.7 bn), Philippines ($17.0 bn), Indonesia ($6.0 bn), Vietnam ($5.0 bn), Thailand ($1.7 bn), Malaysia ($1.7 bn), Cambodia ($0.3 bn), Mongolia ($0.2 bn), Fiji ($0.2 bn), Myanmar ($0.1 bn).