Apr 26 2010 |
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Remittances to developing states fall 6%
Remittances to developing countries fell nearly six per cent in 2009 with the Middle East and North Africa region recording a more-than-expected decline, but they are expected to bounce back this year as the global economy recovers, according to a World Bank report.The Global Monitoring Report said that the global nature of the current crisis has likely reduced the support that remittances can provide. Remittance flows to developing countries are estimated at $317 billion (Dh1.16 trillion) for 2009, a 6.1 per cent decline from $338bn in 2008. They are projected to increase by two per cent to $323.5bn in 2010.
Remittances have more than tripled since the past decade, as they constitute important monetary flows to developing countries.
Remittances to Latin America and the Caribbean have suffered large declines - down 13 per cent in Mexico, for example, mainly because of the early effects of the crisis in the US and Spain.
Although remittances to countries in Latin America, North Africa and the Middle East were weaker than expected in 2009, they appear to have reached a bottom towards the end of the year.
By contrast, in Sub-Saharan Africa the decline has been less steep and in some countries such as Uganda, flows have increased. In South Asia, remittances have remained strong, even increasing in some cases - up 24 per cent in Pakistan, 16 per cent in Bangladesh, and 13 per cent in Nepal. In East Asia and the Pacific, flows were also stronger than expected - up four per cent in the Philippines, the World Bank said.
The Philippine Central Bank Governor Amando Tetangco on Friday raised its forecast for overseas remittances this year to eight per cent from an earlier estimate of six per cent as a global recovery bolsters demand for labour. Remittances have played an important countercyclical role in crises that affected individual developing countries. Because remittances are unaffected by idiosyncratic shocks or even local or national systemic shocks, they are an important part of the household safety net for many poor households.
By Waheed Abbas
© Emirates Business 24/7 2010
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