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Vijayalakshmi</em></p> <p>Newly available monthly and annual data show that remittance flows to developing countries reached $305 billion in 2008 compared to a revised $281 billion in 2007 (see table 1 below, click <a href="/web/20090223020016/http://peoplemove.worldbank.org/files/file/RemittancesData_Feb09-Releasev2.xls">here</a> for the Excel spreadsheet). The revised estimates translate into a 23 percent growth in 2007, and a 9 percent increase in 2008. While there is a significant deceleration in the growth of remittances in 2008 compared to the previous year, both the levels and growth rates in 2007 and 2008 are higher than previously estimated (more in our <a href="https://web.archive.org/web/20090223020016/http://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1110315015165/MD_Brief8.pdf">Migration and Development Brief 8</a>).</p> <p>Note that this round of data release reflects more or less final data for 2007, but data for 2008 are still estimates that will be subject to another round of revision in late Spring or early summer.</p> <p>We are currently revising our forecasts for 2009-10 in light of the latest data revision. We hope to issue a Migration and Development Brief summarizing our outlook shortly, for sure in the next couple of weeks.</p> <p><strong>Revised estimates</strong></p> <p>The countries with significant data revisions include the three largest recipients: India, China and Mexico.  Remittance flows to India are conservatively estimated to have reached $45 billion in 2008 (compared to earlier estimates of $30 billion). Remittance flows to China were about $35 billion in 2008, some $8 billion higher than previously estimated, and those to Mexico about $2 billion higher.</p> <p>The figure for India now corresponds closely with those of the country’s central bank, with some adjustment for reporting by fiscal year instead of calendar year. The revision increases the share of India’s contribution to South Asia’s remittance inflows to 68 percent, up from 59 percent earlier. The revisions to Mexico’s data, according to the Mexican central bank, were due to inclusion of additional intermediaries (banks, money transfer companies etc.). The new figure for China reflects the latest available data from the World Bank’s country desk.   </p> <p>Remittances data for several other countries that have reported monthly data until end-2008—Bangladesh, Dominican Republic, El Salvador, Honduras, Guatemala, Jamaica, Pakistan, and the Philippines—were also revised to include the latest available figures from the respective central banks. These figures, however, are very close to those estimated earlier as reported in our <a href="https://web.archive.org/web/20090223020016/http://peoplemove.worldbank.org/en/content/newly-released-data-from-nine-countries">earlier post</a>. The revisions for this set of countries do not affect the global or regional trends for 2008.</p> <p><strong>Top recipients</strong></p> <p>After the latest revisions, India, China and Mexico retain their position as the top recipients of migrant remittances among developing countries. The top 10 recipients list also includes Philippines, Poland, Nigeria, Romania, Egypt, Bangladesh and Pakistan. In contrast, the top recipients in terms of the share of remittances in GDP included many smaller economies such as Tajikistan (45 percent), Moldova (38 percent), Tonga (35 percent), Lesotho (29 percent), and Honduras (25 percent).</p> <p><strong>Figure 1: Top recipients of migrant remittances among developing countries</strong></p> <p><img height="234" alt="Top recipients of migrant remittances among developing countries" width="600" src="/web/20090223020016im_/http://peoplemove.worldbank.org/files/image/fig1-top-recipients.jpg"/></p> <p><strong>Regional trends </strong></p> <p>After the revisions, the East Asia and Pacific region continues to remain the largest recipient of migrant remittances among all developing regions. South Asia is now the second largest recipient among developing regions, slightly ahead of the Latin America and the Caribbean region. Sub-Saharan Africa continues to remain the smallest recipient among developing regions. </p> <p>The new estimates show that all the developing regions except South Asia experienced sharp deceleration in the growth of remittance inflows in 2008. Flows to the Latin America and the Caribbean region were flat in 2008, continuing the declining trend in growth since 2006. The growth of inflows to developing countries in Europe and Central Asia decreased from 31 percent in 2007 to 5 percent in 2008, those to East Asia and the Pacific declined from 23 percent to 7 percent, to the Middle East and North Africa from 22 percent to 8 percent, and to Sub-Saharan Africa from 44 percent to 6 percent. Flows to South Asia grew 27 percent in 2008, down only modestly from 31 percent growth registered in 2007.   </p> <p><strong>Table 1: Remittance flow to developing countries, 2002-2008</strong><br/> <img height="317" alt="Table 1: Remittance flows to developing countries, 2002-2008" width="625" src="/web/20090223020016im_/http://peoplemove.worldbank.org/files/image/table1-remit-flows.jpg"/></p> <p><font size="1"><em>e</em> = estimate<br/> <em>Source</em>: Authors’ calculation based on data from IMF Balance of Payments Statistics Yearbook 2008 and data releases from central banks, national statistical agencies, and World Bank country desks. Remittances are defined as the sum of workers’ remittances, compensation of employees, and migrant transfers – see <a href="https://web.archive.org/web/20090223020016/http://www.worldbank.org/prospects/migrationandremittances">www.worldbank.org/prospects/migrationandremittances</a> for data definitions and the entire dataset. <br/> * Including the revision to Nigeria data in 2007. Excluding that, remittance flows to Sub-Saharan Africa would have experienced a more modest growth rate of 14.4 percent, and to developing countries, 22 percent in 2007.</font></p> <div class="service-links"><div class="service-label">Bookmark/Search this post with: </div><ul class="links"><li class="first service_links_delicious"><a href="https://web.archive.org/web/20090223020016/http://del.icio.us/post?url=http%3A%2F%2Fpeoplemove.worldbank.org%2Fen%2Fcontent%2Fremittance-flows-to-developing-countries&title=Remittance+flows+to+developing+countries+are+estimated+to+exceed+%24300+billion+in+2008+" title="Bookmark this post on del.icio.us." rel="nofollow" class="service_links_delicious"><img src="/web/20090223020016im_/http://peoplemove.worldbank.org/sites/all/modules/service_links/delicious.png" alt="Delicious"/></a></li> <li class="service_links_digg"><a 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href="/web/20090223020016/http://peoplemove.worldbank.org/en/comment/reply/130#comment-form" title="Share your thoughts and opinions related to this posting." class="comment_add">Add new comment</a></li> <li class="last print"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/print/130" title="Display a printer-friendly version of this page." class="print-page print" target="_blank" rel="nofollow">Printer-friendly version</a></li> </ul></div> </div> <div class="taxonomy"><ul class="links inline"><li class="first last taxonomy_term_119"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/remittance" rel="tag" title="" class="taxonomy_term_119">Remittance</a></li> </ul></div> </div> </div> <div id="comments"><a id="comment-88"></a> <div class="comment "><div class="comment-inner"> <h3 class="title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/remittance-flows-to-developing-countries#comment-88" class="active">The last redoubt of cross-border finance</a></h3> <div class="submitted"> Submitted by <a href="/web/20090223020016/http://peoplemove.worldbank.org/en/users/dilip" title="View user profile.">Dilip</a> on Fri, 02/20/2009 - 12:08. </div> <div class="content"> <p>The Economist has a nice Finance and economics piece on this topic, aptly titled "<a href="https://web.archive.org/web/20090223020016/http://www.economist.com/finance/displaystory.cfm?story_id=13145605">Trickle-down economics</a>." I especially liked the caption under the picture, "The last redoubt of cross-border finance." In a <a href="https://web.archive.org/web/20090223020016/http://www.economist.com/blogs/freeexchange/2009/02/whither_remittances.cfm">related blog post</a>, it raises a very important point,"...to the extent that migrants are staying on and continuing to send money home, the easiest thing that richer countries could do to aid poorer ones .... is to simply not crack down on immigration." </p> <p>While migration and remittances can never be a substitute for aid, the plea to tone down tightening of immigration is well-taken. Ask any employer facing falling revenues what immigration controls might do to their ability to reduce costs, and they are likely to say that it would be lot harder to survive - and take a lot longer to adjust - if labor markets are segmented due to immigration controls. It is a lot easier for firms to adjust when they have have more labor market flexibility.</p> </div> <div class="links"> <ul class="links"><li class="first last comment_reply"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/comment/reply/130/88" class="comment_reply">reply</a></li> </ul> </div> </div></div>  </div> </div> </td> <td id="sidebar-right"> <div class="block block-block" id="block-block-5"> <h2 class="title">Welcome</h2> <div class="content"><p><font color="#808080"><font color="#808080"><img class="" height="89" alt="" hspace="5" width="65" align="left" src="/web/20090223020016im_/http://peoplemove.worldbank.org/files/image/dr-small(1).jpg"/>This blog is hosted by</font> <a href="https://web.archive.org/web/20090223020016/http://peoplemove.worldbank.org/users/dilip"><strong><font color="#006699">Dilip Ratha</font></strong></a></font><font color="#808080">, lead economist at the World Bank. Its goal is to leverage migration and remittances for development.  <br/> <a href="https://web.archive.org/web/20090223020016/http://peoplemove.worldbank.org/en/content/about"><strong>Learn more ...</strong></a></font></p> </div> </div> <div class="block block-block" id="block-block-7"> <h2 class="title">Related Links</h2> <div class="content"><ul> <li><font color="#993300"><strong>Website: </strong></font><a href="https://web.archive.org/web/20090223020016/http://www.worldbank.org/migration">Migration and Remittances</a> @ The World Bank</li> <li><font color="#993300"><strong>News: </strong></font><a href="https://web.archive.org/web/20090223020016/http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:21996712~pagePK:64257043~piPK:437376~theSitePK:4607,00.html">Remittances May Buoy Developing Countries Caught in Financial Crisis</a></li> </ul> </div> </div> <div class="block block-search" id="block-search-0"> <h2 class="title">Search</h2> <div class="content"><form action="/web/20090223020016/http://peoplemove.worldbank.org/en/content/remittance-flows-to-developing-countries" accept-charset="UTF-8" method="post" id="search-block-form"> <div><div class="container-inline"><div class="form-item"> <input type="text" maxlength="128" name="search_block_form_keys" id="edit-search-block-form-keys" size="15" value="" title="Enter the terms you wish to search for." class="form-text"/> </div> <input type="submit" name="op" id="edit-submit-1" value="Search" class="form-submit"/> <input type="hidden" name="form_id" id="edit-search-block-form" value="search_block_form"/> </div> </div></form> </div> </div> <div class="block block-block" id="block-block-11"> <h2 class="title">Multimedia</h2> <div class="content"><ul> <li><strong><font color="#993300">Podcast (mp3):</font></strong> <a href="https://web.archive.org/web/20090223020016/http://digitalmedia.worldbank.org/podcast/audio/RemittancesPart2.mp3">Remittances Part 2</a></li> <li><font color="#993300"><strong>Podcast (mp3):</strong></font> <a href="https://web.archive.org/web/20090223020016/http://digitalmedia.worldbank.org/podcast/audio/RemittancesPart1.mp3">Remittances Part 1</a></li> </ul> </div> </div> <div class="block block-block" id="block-block-2"> <h2 class="title">Topics</h2> <div class="content"><div class="item-list"><ul><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/peoples-journeys">People's Journeys</a> (3)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/migration">Migration</a> (35)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/remittance">Remittance</a> (33)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/diaspora-matters">Diaspora Matters</a> (7)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/demographics">Demographics</a> (4)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/financial-access">Financial Access</a> (0)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/themes/capital-markets">Capital Markets</a> (2)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/investments">Investments</a> (5)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/knowledge">Knowledge and Skills</a> (3)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/themes/labor">Labor</a> (9)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/policy">Policy</a> (17)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/politics">Politics</a> (0)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/themes/poverty">Poverty</a> (5)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/spanish">Spanish</a> (6)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/technology">Technology</a> (4)</li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/category/topics/trade">Trade</a> (4)</li></ul></div></div> </div> <div class="block block-views" id="block-views-Recent_Posts"> <h2 class="title">Recent Posts</h2> <div class="content"><div class="view view-Recent-Posts"><div class="view-content view-content-Recent-Posts"><div class="item-list"><ul><li><div class="view-item view-item-Recent-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/reverse-remittances-yes-but-not-really">Reverse remittances? Yes, but not really.</a></div></div> </li><li><div class="view-item view-item-Recent-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/remittance-flows-to-developing-countries" class="active">Remittance flows to developing countries are estimated to exceed $300 billion in 2008 </a></div></div> </li><li><div class="view-item view-item-Recent-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/will-the-global-financial-crisis-affect-the-presence-of-china-in-sub-saharan-africa">Will the global financial crisis affect the presence of China in Sub-Saharan Africa?</a></div></div> </li><li><div class="view-item view-item-Recent-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/consumption-smoothing-via-migration-and-remittances">Consumption smoothing via migration and remittances</a></div></div> </li><li><div class="view-item view-item-Recent-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/se-estan-reduciendo">驴Se est谩n reduciendo las ofertas laborales para los inmigrantes a ra铆z de la crisis financiera?</a></div></div> </li></ul></div></div></div> </div> </div> <div class="block block-views" id="block-views-recent_comments_view"> <h2 class="title">Recent comments</h2> <div class="content"><div class="view view-recent-comments-view"><div class="view-content view-content-recent-comments-view"><div class="item-list"><ul><li><div class="view-item view-item-recent-comments-view"><div class="view-field view-data-comments-subject"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/remittance-flows-to-developing-countries#comment-88" class="active">The last redoubt of cross-border finance</a></div><div class="view-field view-data-comments-name"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/users/dilip" title="View user profile.">Dilip</a></div></div> </li><li><div class="view-item view-item-recent-comments-view"><div class="view-field view-data-comments-subject"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/se-estan-reduciendo#comment-87">EEUU: Restricciones para la contrataci贸n de extranjeros </a></div><div class="view-field view-data-comments-name"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/users/sonia" title="View user profile.">Sonia</a></div></div> </li><li><div class="view-item view-item-recent-comments-view"><div class="view-field view-data-comments-subject"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/will-the-global-financial-crisis-affect-the-presence-of-china-in-sub-saharan-africa#comment-86">China gave an aid/loan package to Senegal</a></div><div class="view-field view-data-comments-name"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/users/sonia" title="View user profile.">Sonia</a></div></div> </li><li><div class="view-item view-item-recent-comments-view"><div class="view-field view-data-comments-subject"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/consumption-smoothing-via-migration-and-remittances#comment-85">What this tells us is that</a></div><div class="view-field view-data-comments-name">Tanzanite (not verified)</div></div> </li><li><div class="view-item view-item-recent-comments-view"><div class="view-field view-data-comments-subject"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/chinese-migrants-in-africa-and-vice-versa#comment-84">Thanks for the post</a></div><div class="view-field view-data-comments-name">Daniel Hakizimana (not verified)</div></div> </li></ul></div></div></div> </div> </div> <div class="block block-views" id="block-views-Recent_Spanish_Posts"> <h2 class="title">Recent Spanish Posts</h2> <div class="content"><div class="view view-Recent-Spanish-Posts"><div class="view-content view-content-Recent-Spanish-Posts"><div class="item-list"><ul><li><div class="view-item view-item-Recent-Spanish-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/se-estan-reduciendo">驴Se est谩n reduciendo las ofertas laborales para los inmigrantes a ra铆z de la crisis financiera?</a></div></div> </li><li><div class="view-item view-item-Recent-Spanish-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/espa%C3%B1a-aprueba-plan-de-retorno-de-inmigrantes-0">Espa帽a aprueba plan de retorno de inmigrantes</a></div></div> </li><li><div class="view-item view-item-Recent-Spanish-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/negociaciones-comerciales">Negociaciones Comerciales entre la UE y la CAN est谩n afectadas debido a la 鈥渄irectiva de retorno"</a></div></div> </li><li><div class="view-item view-item-Recent-Spanish-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/trabajadores">Trabajadores de construcci贸n latinoamericanos arrestados en Estados Unidos por no contar con permiso de trabajo</a></div></div> </li><li><div class="view-item view-item-Recent-Spanish-Posts"><div class="view-field view-data-node-title"><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/content/ICE-sp">驴Ser谩 que el nuevo programa de la Agencia de Inmigraci贸n y Aduanas de los Estados Unidos dejara a muchos en el aire?</a></div></div> </li></ul></div></div></div> </div> </div> <div class="block block-month" id="block-month-0"> <h2 class="title">Monthly Archives</h2> <div class="content"><div class="item-list"><ul><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2009/02">February 2009 (5)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2009/01">January 2009 (8)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/12">December 2008 (9)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/11">November 2008 (3)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/10">October 2008 (4)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/09">September 2008 (12)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/08">August 2008 (8)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/07">July 2008 (5)</a></li><li><a href="/web/20090223020016/http://peoplemove.worldbank.org/en/month/2008/06">June 2008 (2)</a></li></ul></div></div> </div> <div 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