Publication: Impact of the Global Financial Crisis on Migration and Remittances
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Published
2010-02
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Date
2012-08-13
Author(s)
Mohapatra, Sanket
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Abstract
Remittances to developing countries are estimated to have declined by 6.1 percent in 2009 as a result of weak job markets in major destination countries. Although new migration has fallen, it is still positive. The stock of international migrants, therefore, has continued to grow and remittances have remained resilient. Going forward, remittance flows to Latin America are expected to recover, whereas those to East Asia and South Asia are likely to slow. Policy responses should involve efforts to facilitate migration and remittances to make these flows cheaper, safer, and more productive for both the sending and the receiving countries.
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โMohapatra, Sanket; Ratha, Dilip. 2010. Impact of the Global Financial Crisis on Migration and Remittances. Economic Premise; No. 2. ยฉ World Bank. http://hdl.handle.net/10986/10210 License: CC BY 3.0 IGO.โ
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Publication Outlook for Remittance Flows 2011-12 : Recovery After the Crisis, But Risks Lie Ahead(World Bank, Washington, DC, 2010-11)Officially recorded remittance flows to developing countries are estimated to increase by 6 percent to $325 billion in 2010. This marks a healthy recovery from a 5.5 percent decline registered in 2009. Remittance flows are expected to increase by 6.2 percent in 2011 and 8.1 percent in 2012, to reach $374 billion by 2012. 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. 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Remittances are assumed to depend on bilateral migration stocks and income levels in the host country and the origin country. Changes in remittance costs, shifts in remittance channels, global exchange rate movements, and unpredictable immigration controls in the migrant-destination countries pose risks to the forecasts. Much remains to be done to improve the forecast methodology, data on bilateral flows, and high-frequency monitoring of migration and remittance flows.Publication Outlook for Remittance Flows 2010-11 : Remittance Flows to Developing Countries Remained Resilient in 2009, Expected to Recover During 2010-11(World Bank, Washington, DC, 2010-04)Officially recorded remittance flows to developing countries reached $316 billion in 2009, down 6 percent from $336 billion in 2008. 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