Saturday, 2 January 2010

Poor nations seen to get lower inflows

MANILA, Philippines - A study by the World Bank is projecting that remittance flows to developing countries will reach $317 billion in 2009, down by 6.1 percent from the $338 billion in 2008. The projection was based on data for the first three quarters of 2009.

The WB study forecasts that remittances will expand by 1.4 percent in 2010, and by 3.9 percent in 2011.

“Economic growth is beginning to recover after the global slump that began in 2008. But growth will remain weak in 2010 and 2011, and is unlikely to reach the brisk pace seen before the crisis,” it said.

According to the bank, one risk is that the crisis could last longer than expected.

“The emerging recovery in construction and other sectors in the US may not be sustained after the effects of the stimulus package wears out,” the study noted.

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