It should be noted that the World Bank’s definition of developing countries has changed. As an example Poland, which is estimated to have received $9.1 billion in 2010, is no longer classified as a developing country.
This outlook for remittance flows, however, is subject to the risks of a fragile global economic recovery, volatile currency and commodity price movements, and rising anti-immigration sentiment in many destination countries.
From a medium-term view, three major trends are apparent:
- a high level of unemployment in the migrant-receiving countries has prompted restrictions on new immigration;
- the application of mobile phone technology for domestic remittances has failed to spread to cross-border remittances; and
- developing countries are becoming more aware of the potential for leveraging remittances and diaspora wealth for raising development finance.
