We have just released Migration and Development Brief 10 reporting latest data on remittance flows. In line with a recent downward revision in the World Bank’s forecast of global economic growth, we have lowered our forecasts for remittance flows to developing countries to -7.3 percent in 2009 from the earlier forecast of -5 percent.
Flows to Latin America have been falling in a lagged response to the construction sector slowdown in the US, but there are emerging signs of a bottoming out. In contrast, flows to South Asia and East Asia have been strong; but there is risk of a slowdown going forward.
The predicted decline in remittances is far smaller than that for private flows to developing countries. For more information, read the Migration and Development Brief 10.
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