The Hindu Business Line : Remittance flow to developing nations to touch $317 b

WASHINGTON: Migrant remittance flow to developing countries, including India, will be around $317 billion this year, a lower-than-expected fall from the year-ago level, but will return to the recovery path in the years to come, the World Bank has said.

Remittance flow to developing countries will touch $317 billion in 2009, and going forward, the inflows to these nations are expected to remain almost flat in 2010, (with a modest rise of 1.4 per cent) and grow by 3.9 per cent in 2011, the World Bank sai d in its Migration and Development Brief.

The projected remittance flow this year would represent a 6.1 per cent fall from the 2008 level against the earlier expectation of a 7.3 per cent dip.

As per the newly available data, the officially recorded remittance flow to developing countries reached $338 billion in 2008, higher than the previous estimate of $328 billion, the World Bank said.

The report further said remittance flows this year as well as in the days to come are likely to witness certain risks, and are expected to slow down “in a lagged response to a weak global economy’’.

In the coming days, remittance flows in all the regions are likely to face three downside risks: a jobless economic recovery, tighter immigration controls and unpredictable exchange rate movements. — PTI

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