Remittance flows to developing countries are expected to total US$351 billion (T$840billion) this year. Worldwide remittances, including those to high-income countries, will reach US$406 billion (T$974b) for the current calendar year. This is according to a newly updated World Bank brief on global migration and remittances.
The top recipients of officially recorded remittances, estimated for 2011, are India ($58 billion), China ($57 billion), Mexico ($24 billion), and the Philippines ($23 billion). Other large recipients include Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon.
While the economic slowdown is dampening employment prospects for migrant workers in some high-income countries, global remittances, nevertheless, are expected to stay on a growth path and, by 2014, are forecast to reach $515 billion.
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