Africa mostly sheltered from remittances drop
Expected drop in remittances caused by the global financial crisis will have small effects on most African countries, new research from the International Monetary Fund reveals.
The analysis shows that only countries with strong migration ties to Europe will experience much larger declines in GDP due to the fall in remittances. The research finds that in terms of remittances Africa is still relatively underdeveloped and undiversified as nearly half of African nations have remittance/GDP ratio of
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