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Remittances to East Asian countries now expected to fall 6 to 8.8 percent in 2009

James I Davison's picture

A few weeks ago, the World Bank’s migration and remittances team released its latest forecast of global remittance flows, indicating that even fewer migrants from developing East Asian and Pacific countries may be sending home money this year than they predicted in an earlier report. Remittances flowing to countries in the region are now forecast to fall by 5.7-8.8 percent in 2009, according to the report (pdf). Revised 2008 data show China, the Philippines and Vietnam are in the top 10 recipients of remittances among developing countries.

Interestingly, despite indicating falling remittance flows to the East Asia and Pacific region, the outlook states that South and East Asian countries have been relatively strong. There is, of course, a risk of a further slowing down. For example, remittance money flowing to the Philippines appears to still be growing this year. But such positive flows went from 14 percent year-on-year growth in 2007-08 to just 3 percent growth so far in 2009, according to the report.

The report’s authors write that there may be key risks that further threatening global remittance flows to developing countries – including a longer-than-projected financial crisis threatening jobs and income for immigrants in developed countries. However, they write, recovery may come by next year: “We expect that remittance flows to developing countries could decline by 7-10 percent in 2009, with a possible recovery in 2010 and 2011.”

What’s the significance of remittances? One notable example came from blogger Eric Le Borgne last April. Eric pointed out that remittances are a key factor to the economic health of the Philippines, as well as the country’s resilience so far during the global financial crisis.

An open discussion on improving access to development- and aid-related information: Friday, July 10

James I Davison's picture

A few months ago, the World Bank released a new programming interface (API) that allows for a new level of access to the institution’s data. It is just one example of how the World Bank and other organizations are relying on new technology and the internet to increase transparency and improve access to information and data.

On Friday at the World Bank headquarters in Washington, D.C., several organizations are hosting an open discussion on the topic of transparency and open access to information. The event, which is dubbed Open Development Camp, is also sponsored by AidInfo, Development Gateway, Forum One Communications, and USAID's Global Development Commons.

According to the event's webpage, spots are filled to attend the conference in person. But it only seems appropriate that anyone will be able to join the discussion through the this website or follow the conversation via Twitter through the #OpenDevCamp hashtag. Tune in starting around 9 a.m. (Washington, D.C. time).

(via Global Development Commons)

Biodiversity meets social networks in new macroscopic observatory

Claudia Gabarain's picture

A promising web find that should catch the attention of our resident biodiversity expert, Tony, if it hasn't already: scientists from around the world are gathering this week in London for the e-Biosphere Conference, where they'll present and discuss a project to create a "macros

Watch how the world has changed through animated bubbles

James I Davison's picture

I was never too great with numbers or math. I guess you could call me a visual learner. Which is why I was intrigued after exploring Gapminder.org. The non-profit organization behind the website says it's dedicated to "unveiling the beauty of statistics." They attempt to do this with impressively interactive and animated graphs.

API allows new ways to access World Bank data

James I Davison's picture

Certain online circles have been buzzing about last week's quiet release of the World Bank's new open API, or application programming interface, which gives open access to vast amounts of the Bank's economic data that date back more than 50 years. The news was first announced by the third-party creator of the API, and has been widely discussed on other blogs and Twitter.

The goal of the API is to make it simpler for third-party programmers to create applications that make the World Bank's economic data globally accessible and easy to understand.

I'll leave the specifics of what an API is and how they work to the others, but a quick example is the thousands of games and other iPhone applications (advertised by Apple as "apps") that have been created from its API. Apple couldn't have developed so many apps on its own and instead made it easier for others to create them.

Other than the fact that the API was re-launched, this news won't mean much to non-computer programmers like me ... at least at first. That is, most of us won't be able to see the direct results of the API until programmers and developers start to create mashups, widgets and other applications that make it easy for the rest of us to access, understand and visualize the data.

New and innovative uses of the World Bank's valuable data will hopefully be an eventual result of the API. Irakli Nadareishvili, who was on the team that created the API for the Bank, writes on Phase2's blog, "What you can do with actual code and integration with other tools is probably only limited by imagination."

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.

New global poverty estimates confirm China’s leading role in meeting MDGs

David Dollar's picture

The international community has endorsed the Millenium Development Goal of reducing the poverty rate in the developing world by 50% over the 25 years, 1990-2015.  While the target is arbitrary, it is nonetheless important to have a stretch goal like this to challenge us all to make the world a better place.  To measure progress, naturally we need pretty good estimates of global poverty.  The World Bank is the leading bean counter in this exercise.  It just today released new estimates of global poverty that have the potential to illuminate the progress, but also the potential to confuse a lot of people.  The research department of the World Bank has changed its global poverty line from $1 per day to $1.25 per day and has found about 468 million more poor people than it had previously estimated.  About 135 million of these newly found poor are in China.  How does one make sense of these new numbers?  Here are some pointers:

NASA's Climate Time Machine shows changes in key indicators

Claudia Gabarain's picture

G8 countries are discussing climate change this week, and I just came across a cool site from NASA and the California Institute of Technology: a very simple, visual "Climate Time Machine" website that shows changes in so

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