Dubai: Global remittance flows could decline by 6.1 per cent this year to $317 billion from last year's record flow of $338 billion, said a top World Bank remittance expert.
"The year 2008 held off so well that despite a decline in private capital flows, global remittances reached their peak," Dilip Ratha, Lead Economist and Manager for Migration and Remittance of World Bank's Development Prospects Group, told Gulf News on the sidelines of the World Economic Forum's Global Agenda Summit that concludes on Sunday.
"The true size of flows, including unrecorded flows through formal and informal channels, is even higher.
"The crisis has impacted new migration flows, but existing migrants are not returning; global migration stock is still rising. Remittances are estimated to have declined by only 6.1 per cent in 2009, but a shallower recovery is expected during 2010-11. Read more
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