Outlook for Remittance Flows 2012-14 : Remittance Flows to Developing Countries Exceed $350 Billion in 2011

Officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011, up 8 percent over 2010. For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Growth of remittances in 2011 exceeded our earlier expectations in four regions, especially in Europe and Central Asia (due to higher outward flows from Russia that benefited from high oil prices) and Sub-Saharan Africa (due to strong south-south flows and weaker currencies in some countries that attracted larger remittances). By contrast, growth in remittance flows to Latin America and Caribbean was lower than previously expected, due to continuing weakness in the U.S. economy and Spain. Remittance costs have fallen steadily from 8.8 percent in 2008 to 7.3 percent in the third quarter of 2011. However, remittance costs continue to remain high, especially in Africa and in small nations where remittances provide a life line to the poor.

Bibliographic Details

Main Authors:	Mohapatra, Sanket, Ratha, Dilip, Silwal, Ani
Language:	English en_US
Published:	World Bank, Washington, DC 2011-12-01
Subjects:	ABUSE, ASSETS, AVERAGE REMITTANCE, BALANCE OF PAYMENT, BALANCE OF PAYMENTS, BALANCE OF PAYMENTS MANUAL, BALANCE OF PAYMENTS STATISTICS, BOND, BOND ISSUANCE, BONDS, CENTRAL BANK, CENTRAL BANKS, CIVIL CONFLICT, COMMERCIAL BANKS, COMMODITY PRICE, COMPENSATION OF EMPLOYEES, COMPETITIVENESS, COUNTRIES OF ORIGIN, COUNTRY OF ORIGIN, CURRENCY DEPRECIATION, CURRENT POPULATION, DATA ON REMITTANCES, DEBT, DEBT CRISIS, DESTINATION COUNTRY, DEVELOPING COUNTRIES, DEVELOPMENT IMPACT OF REMITTANCES, DIASPORA, ECONOMIC CRISIS, ECONOMIC UNCERTAINTY, EXCHANGE RATES, FINANCIAL CRISIS, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENTS, FOREIGN POLICY, FOREIGN STUDENTS, FOREIGN WORKERS, FUTURE REMITTANCES, GLOBAL ECONOMY, GLOBAL REMITTANCES, GROSS DOMESTIC PRODUCT, GROWTH OF REMITTANCES, GROWTH RATE, HIGH-INCOME COUNTRIES, HOME COUNTRIES, HOME COUNTRY, HOME CURRENCY, ILLEGAL IMMIGRATION, IMMIGRANTS, IMMIGRATION, IMMIGRATION POLICIES, INCOME, INFORMAL CHANNELS, INFRASTRUCTURE DEVELOPMENT, INSTRUMENT, INTERNATIONAL BANKS, INTERNATIONAL TRANSACTIONS, ISSUANCE, JOB CREATION, LABOR FORCE, LABOR MARKET, LOCAL CURRENCY, LOW-INCOME COUNTRIES, MARKET COMPETITION, MIGRANT, MIGRANT DESTINATION COUNTRIES, MIGRANT REMITTANCE, MIGRANT REMITTANCES, MIGRANT TRANSFERS, MIGRANT WORKER, MIGRANT WORKERS, MIGRANT-SENDING COUNTRIES, MIGRANTS, MIGRATION, MINIMUM SALARY, MINIMUM WAGE, MONETARY FUND, MONEY TRANSFER, MONEY TRANSFER COMPANIES, MONEY TRANSFER OPERATORS, NATIONAL LEVEL, NATIONALS, OIL PRICE, OIL PRICES, PERSISTENT UNEMPLOYMENT, PERSONAL REMITTANCES, POST-CRISIS PERIOD, POVERTY REDUCTION, PROGRESS, PURCHASING POWER, QUOTAS, RATES OF GROWTH, RECIPIENT COUNTRIES, RECIPIENTS OF REMITTANCES, REMITTANCE, REMITTANCE CORRIDORS, REMITTANCE COSTS, REMITTANCE FLOWS, REMITTANCE INFLOWS, REMITTANCE OUTFLOWS, REMITTANCE SERVICES, REMITTANCES, REMITTANCES FLOWS, REMITTANCES REMITTANCES, RESERVE, RESERVE BANK, RETURN, SCARCE RESOURCES, SEND REMITTANCES, SKILLED MIGRANTS, SLOWDOWN, SOVEREIGN RISK, TRANSACTION, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, VALUE OF REMITTANCES, VOLUME OF REMITTANCES, VULNERABILITY, WORLD DEVELOPMENT INDICATORS,
Online Access:	http://documents.worldbank.org/curated/en/2011/12/16977544/outlook-remittance-flows-2012-14-remittance-flows-developing-countries-exceed-350-billion-2011 https://hdl.handle.net/10986/16182
Tags:	Add Tag No Tags, Be the first to tag this record!