Migrant Remittance to Developing Nations to Reach $317 bn

Migrant remittance flow to developing countries, will be around $317 billion this year, a lower-than-expected fall from the year-ago level, but will return to the recovery path in years to come, the World Bank has said.

Remittance flow to developing countries will touch $317 billion in 2009, and going forward, the inflows to these nations are expected to remain almost flat in 2010, (with a modest rise of 1.4 per cent) and grow by 3.9 per cent in 2011, the World Bank said in its Migration and Development Brief.

The projected remittance flow this year will represent a 6.1 per cent fall from the 2008 level against the earlier expectation of a 7.3 per cent dip.

The officially recorded remittance flow to developing countries reached $338 billion in 2008, higher than the previous estimate of $328 billion, according to the newly available data with the World Bank.

The report further added the remittance flows this year is likely to witness certain risks, and expected to slow down "in a lagged response to a weak global economy".

In the immediate future, the flows in all the regions are likely to face three downside risks: a jobless economic recovery, tighter immigration controls and unpredictable exchange rate movements.