2 Dec 2011

First growth in remittances since financial crisis

10:19 am on 2 December 2011

A new report from the World Bank says remittance flows to developing countries are expected to total US$351 billion this year.

According to a newly updated brief, on the top recipients of officially recorded remittances, estimated for 2011, are India, China, Mexico, and the Philippines.

The Director of the Bank's Development Prospects Group, says despite the global economic crisis, remittances are still flowing to developing countries at an estimated growth of 8 per cent in 2011.

Hans Timmer says this is the first time flows to all developing regions have grown since the financial crisis.

The East Asia and Pacific region was one of four areas to see more remittances from migrant workers than expected with 7.6 percent growth.