India to get record $70 bn remittances
have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery. The size of remittance flows to developing countries
is now more than three times that of official development assistance," the Bank said
Among the developing country regions, South Asia and Middle East and North African (MENA) saw the strongest growth, driven primarily by strong economic activity in the Gulf Cooperation Council (GCC) countries.
For South Asia, remittances in 2012 are expected to total USD 109 billion, an increase of 12.5 per cent over 2011. East Asia and Pacific region, is estimated to attract USD114 billion, an increase of 7.2 per cent over 2011; while MENA is expected to receive USD 47 billion, an increase of 8.4 per cent over the previous year. Remittances to Egypt have surged since 2010, perhaps driven by increased support by migrants to their families in the face of political uncertainty or savings brought by returning migrants.
Remittances to Latin America and Caribbean (LAC) were supported by a recovering economy and moderately improving labour market in the US, but were moderated by a weak European economy.
As a percentage of GDP, the top recipients of remittances in 2011 were Tajikistan (47 per cent), Liberia (31 per cent), Kyrgyz Republic (29 per cent), Lesotho (27 per cent), Moldova (23 per cent), Nepal (22 per cent), and Samoa (21 per cent).
Remittances are expected to remain flat to Europe and Central Asia and Sub-Saharan Africa regions, mainly because of the economic contractions in
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