Remittances, or the money migrant workers send home to their countries of origin, are finally recovering to pre-crisis levels. In 2010, remittance flows to developing countries reached $325 billion, and they are poised to continue growing sustainably through 2013, according to the World Bank’s latest Outlook for Remittance Flows 2011-13.
It’s no secret that current account imbalances exist around the world. In many cases, these imbalances may be benign and merely reflect market-driven differences in savings and investment or differences in stages of development. In other cases, persistent global imbalances may be unsustainable and may threaten growth in the long-run. Thus, it’s no surprise that addressing imbalances has been a key focus in recent G-20 discussions.
Istanbul is now at the center of the development action.
Over the past three decades, global trade grew almost twice as fast as global gross domestic product (GDP). The massive process of commercial integration was made possible by technological revolutions in transport (like containerized shipping) and communications technologies, and by a dramatic decline in import tariffs. This allowed many developing countries to implement export-led growth strategies that lifted hundreds of millions of people out of poverty.