Migration and Development Brief

Migration and Development Brief 10

Newly available data show that remittance flows to developing countries reached $328 billion in 2008, larger than our previous estimate of $305 billion. Remittances grew rapidly during 2007 and 2008, but have slowed down in many corridors since the last quarter of 2008. In line with a recent downward revision in the World Bank’s forecast of global economic growth, we have also lowered our forecasts for remittance flows to developing countries to -7.3 percent in 2009 from the earlier forecast of -5 percent.

Dilip Ratha, Sanket Mohapatra, Ani Silwal