Mohapatra, SanketRatha, DilipSilwal, Ani2013-10-162013-10-162011-12-01https://hdl.handle.net/10986/16182Officially recorded remittance flows to developing countries are estimated to have reached $351 billion in 2011, up 8 percent over 2010. For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Growth of remittances in 2011 exceeded our earlier expectations in four regions, especially in Europe and Central Asia (due to higher outward flows from Russia that benefited from high oil prices) and Sub-Saharan Africa (due to strong south-south flows and weaker currencies in some countries that attracted larger remittances). By contrast, growth in remittance flows to Latin America and Caribbean was lower than previously expected, due to continuing weakness in the U.S. economy and Spain. Remittance costs have fallen steadily from 8.8 percent in 2008 to 7.3 percent in the third quarter of 2011. However, remittance costs continue to remain high, especially in Africa and in small nations where remittances provide a life line to the poor.en-USCC BY 3.0 IGOABUSEASSETSAVERAGE REMITTANCEBALANCE OF PAYMENTBALANCE OF PAYMENTSBALANCE OF PAYMENTS MANUALBALANCE OF PAYMENTS STATISTICSBONDBOND ISSUANCEBONDSCENTRAL BANKCENTRAL BANKSCIVIL CONFLICTCOMMERCIAL BANKSCOMMODITY PRICECOMPENSATION OF EMPLOYEESCOMPETITIVENESSCOUNTRIES OF ORIGINCOUNTRY OF ORIGINCURRENCY DEPRECIATIONCURRENT POPULATIONDATA ON REMITTANCESDEBTDEBT CRISISDESTINATION COUNTRYDEVELOPING COUNTRIESDEVELOPMENT IMPACT OF REMITTANCESDIASPORAECONOMIC CRISISECONOMIC UNCERTAINTYEXCHANGE RATESFINANCIAL CRISISFOREIGN DIRECT INVESTMENTFOREIGN INVESTMENTSFOREIGN POLICYFOREIGN STUDENTSFOREIGN WORKERSFUTURE REMITTANCESGLOBAL ECONOMYGLOBAL REMITTANCESGROSS DOMESTIC PRODUCTGROWTH OF REMITTANCESGROWTH RATEHIGH-INCOME COUNTRIESHOME COUNTRIESHOME COUNTRYHOME CURRENCYILLEGAL IMMIGRATIONIMMIGRANTSIMMIGRATIONIMMIGRATION POLICIESINCOMEINFORMAL CHANNELSINFRASTRUCTURE DEVELOPMENTINSTRUMENTINTERNATIONAL BANKSINTERNATIONAL TRANSACTIONSISSUANCEJOB CREATIONLABOR FORCELABOR MARKETLOCAL CURRENCYLOW-INCOME COUNTRIESMARKET COMPETITIONMIGRANTMIGRANT DESTINATION COUNTRIESMIGRANT REMITTANCEMIGRANT REMITTANCESMIGRANT TRANSFERSMIGRANT WORKERMIGRANT WORKERSMIGRANT-SENDING COUNTRIESMIGRANTSMIGRATIONMINIMUM SALARYMINIMUM WAGEMONETARY FUNDMONEY TRANSFERMONEY TRANSFER COMPANIESMONEY TRANSFER OPERATORSNATIONAL LEVELNATIONALSOIL PRICEOIL PRICESPERSISTENT UNEMPLOYMENTPERSONAL REMITTANCESPOST-CRISIS PERIODPOVERTY REDUCTIONPROGRESSPURCHASING POWERQUOTASRATES OF GROWTHRECIPIENT COUNTRIESRECIPIENTS OF REMITTANCESREMITTANCEREMITTANCE CORRIDORSREMITTANCE COSTSREMITTANCE FLOWSREMITTANCE INFLOWSREMITTANCE OUTFLOWSREMITTANCE SERVICESREMITTANCESREMITTANCES FLOWSREMITTANCES REMITTANCESRESERVERESERVE BANKRETURNSCARCE RESOURCESSEND REMITTANCESSKILLED MIGRANTSSLOWDOWNSOVEREIGN RISKTRANSACTIONUNEMPLOYMENTUNEMPLOYMENT RATEUNEMPLOYMENT RATESVALUE OF REMITTANCESVOLUME OF REMITTANCESVULNERABILITYWORLD DEVELOPMENT INDICATORSWorld Bank10.1596/16182