Developing Countries Concerned Over Drop in Remittances

By VOA News 07 January 2009

In Hong Kong, domestic workers from the Philippines wait at bank to send money to their home country (file photo)

The financial crisis that has sent unemployment soaring in some of the world's largest economies also is striking an indirect blow at developing nations.

For some developing countries, money sent home by their migrant workers makes up a significant part of the gross domestic product. But rising unemployment is cutting these vital funds.

The World Bank says the flow of remittances could fall as much as six percent this year in nations as diverse as the Philippines, Mexico and Tajikistan. Read more