Monday, 26 January 2009

Remittances and Recession

The World Bank estimated remittances to developing countries at $283 billion in 2008, up from $265 billion in 2007 and $229 billion in 2006. ( Developing nations in East Asia received $62 billion in remittances in 2008, followed by $61 billion to Latin America, $53 billion to Europe, and $50 billion to South Asia. Middle Eastern developing nations received $34 billion, and Sub-Saharan Africa about $20 billion.

About $46 billion in remittances originated in the US in 2007; followed by $17 billion in Russia; $16 billion each in Switzerland and Saudi Arabia; $15 billion in Spain; $14 billion in Germany; and $11 billion in Italy. Money sent via a US bank by, for instance, a Filipino employed in Hong Kong, is credited to the US. Read more

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