Remittances in Focus

Remittance flows to developing countries are expected to decline by 7.3% in 2009, according to World Bank estimates released at the July 13-14 International Diaspora and Development Conference in Washington DC. According to the World Bank, remittances are relatively resilient because, while new migration flows have declined, the number of migrants living overseas has been relatively unaffected by the crisis. However, sources of risk to the outlook include uncertainty about the depth and duration of the current crisis, unpredictable movements in exchange rates, and the possibility that immigration controls may be tightened further in major destination countries.

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