Publication: Remittance Trends 2007
Date
2007-11
ISSN
Published
2007-11
Author(s)
Abstract
This note describes broad regional and
country specific trends in remittance flows worldwide, and
highlights some structural changes that will affect
remittance flows in the future. The main messages are:
remittance flows to Latin America and the Caribbean slowed
on the back of a weakening U.S. economy and tighter
enforcement of immigration laws. Nevertheless, the growth of
remittances to developing countries remains robust because
of strong growth in Europe and Asia. The remittance industry
is experiencing some positive structural changes with the
advent of cell phone and internet-based remittance
instruments. These changes may have profound effects on
remittance flows to previously underserved areas. The
diffusion of these structural changes, however, is slowed by
a lack of clarity on key regulations (including those
relating to money laundering and other financial crimes).
Remittance costs have fallen, but not far enough, especially
in the South-South corridors.
Citation
“Ratha, Dilip; Mohapatra, Sanket; Vijayalakshmi, K. M.; Xu, Zhimei. 2007. Remittance Trends 2007. Migration and Development Brief; No. 3. © World Bank, Washington, DC. http://openknowledge.worldbank.org/entities/publication/66782f5f-a875-5e24-a36f-25bcd142468b License: CC BY 3.0 IGO.”