Tuesday, 24 March 2009

Remittances to Eastern Europe to slow dramatically

The remittance income from Mexican and Central American immigrants working in the United States back to their home nations is not the only huge remittance flow in the world. One of significant import is in Europe, where millions of indivuals from the former Eastern Bloc now work in Western Europe. However, as in the U.S. - Mexican connection, these remittances will be nosediving.

Below is an analysis from Morgan Stanley (with my bolding):

The Central European economies (Czech Republic, Hungary, Poland, Romania) are heavily influenced by developments in their richer western neighbors. Developed Europe accounts for around 70% of all CE exports; its banks dominate lending, with a market share of around 80% on average; and FDI inflows from western European companies have proved to be a significant engine of growth over recent years. Read more

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