Published on People Move

Remittances to developing countries reached $251 billion in 2007

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The World Bank released a revised set of estimates for remittance flows for 2007 (excel data). These estimates show that remittance flows to developing countries were $251 billion in 2007, some 5 percent higher than earlier estimates and 11 percent higher than the previous year. The M&D Brief discusses concerns over a much-publicized decline in remittance received by Mexico in the first part of 2008, and argues that remittances may instead have grown although at a slower pace. Remittances to other Latin American countries (El Salvador, Honduras, Guatemala) and Asian countries (Bangladesh, Philippines and Pakistan) continue to grow robustly, underscoring the global growth in remittances.


Dilip Ratha

Lead Economist and Economic Adviser to the Vice President of Operations, Multilateral Investment Guarantee Agency, World Bank

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