By Ted P. Torres Updated December 10, 2008 12:00 AM
Global remittances from overseas workers and migrants are outpacing the inflow of official official development funds, a World Bank study showed.
In the study, the World Bank said the approximately 200 million migrants around the world will likely send home $283 billion this year, 6.7 percent higher than the $265 billion remitted in 2007.
These remittances are coursed through the bank and non-bank financial sector and global money transfers companies, and do not include those coming from informal channels, the World Bank said.
In contrast, official development funds have been averaging more than $100 billion annually. Read more
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