Migration and Development Brief

Migration and Development Brief 2

Recorded remittances sent home by migrants from developing countries are expected to reach $199 billion in 2006, up from $188 billion in 2005, and more than double the level in 2001 (table 1). Worldwide flows of remittances, including those to high-income countries, are estimated to have to grown to $268 billion in 2006. This amount, however, reflects only transfers through official channels. Econometric analysis and available household surveys suggest that unrecorded flows through informal channels may add 50 percent or more to recorded flows (see Global Economic Prospects 2006). Including these unrecorded flows, the true size of remittances, is larger than foreign direct investment flows and more than twice as large as official aid received by developing countries.