Central Banking

Remittances suffer in the wake of turmoil

Remittance flows to developing countries slowed in the third quarter of 2008 and are expected to slow further in 2009 due to the global financial crisis, a new report from the World Bank finds.

Although officially recorded remittance flows to developing countries will reach $283 billion in 2008, representing a 6.7% increase on 2007's figure of $265 billion, they are expected to fall from 2% of GDP in 2007 to 1.8% in 2008.

However, the report notes that this decline is smaller than for private or

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