Remittance Flows to Developing Countries to Reach $240 billion in 2007, Predicts World Bank

WASHINGTON, November 30 – Remittances to developing countries will reach an estimated $240 billion in 2007, according to new data released today by the World Bank. The brief, “Remittance Trends 2007,” goes on to say that the true size of remittances including unrecorded flows is even larger. The release was timed to coincide with a November 28-30 G8 Outreach meeting on remittances in Berlin.

“Recorded remittances are more than twice as large as official aid and nearly two-thirds of FDI flows received by developing countries,” explained Dilip Ratha, Senior Economist in the Development Prospects Group of the World Bank.

The brief describes broad regional and country specific trends in remittance flows worldwide, and highlights some structural changes that will affect future flows. [Read more]