Migration and Development Brief 24
Migrants’ remittances to developing countries are estimated to have reached $436 billion in 2014, a 4.4 percent increase over the 2013 level. All developing regions recorded positive growth except Europe and Central Asia (ECA), where remittance flows contracted due to the deterioration of the Russian economy and the depreciation of the ruble.
Migration and Development Brief 23
Remittances to developing countries are projected to grow by 5.0 percent to reach US$435 billion in 2014 (accelerating from the 3.4 percent expansion of 2013), and rise further by 4.4 percent to US$454 billion in 2015. In 2013, remittances were more than three times larger than ODA and, excluding China, significantly exceeded foreign direct investment flows to developing countries. Growth of remittances in 2014 is being led by three regions: East Asia and the Pacific, South Asia, and Latin America and the Caribbean.
Migration and Development Brief 22
Remittances to developing countries are estimated at $404 billion in 2013, up 3.5 percent compared with 2012. Growth in remittance flows to developing countries is expected to accelerate to an annual average of 8.4 percent over the next three years, raising flows to $436 billion in 2014 and $516 billion in 2016.
Migration and Development Brief 21
Remittance flows to developing countries are expected to reach $414 billion in 2013 (up 6.3 percent over 2012), and $540 billion by 2016. Worldwide, remittance flows may reach $550 billion in 2013 and over $700 billion by 2016. These increases are projected in spite of a $10 billion downward revision in the data due to the introduction of the Sixth Edition of the IMF Balance of Payments Manual and the reclassification of several developing countries as high-income countries.
Migration and Development Brief 20
Officially recorded remittance flows to developing countries reached an estimated $401 billion in 2012, growing by 5.3 percent compared with 2011. Remittance flows are expected to grow at an average of 8.8 percent annual rate during 2013-2015 to about $515 billion in 2015.
Migration and Development Brief 19
Officially recorded remittance flows to developing countries are estimated to reach $406 billion in 2012, a growth of 6.5 percent over the previous year. These flows are expected to rise 8% in 2013 and 10% in 2014 to reach $534 billion in 2015.Remittance costs are still too high, averaging 7.5% in top 20 remittance corridors; the worldwide average cost is about 9%.US Remittance Transfer Rule, to be implemented in February 2013, will increase transparency for consumers and thereby market competition.
Migration and Development Brief 18
Officially recorded remittance flows to developing countries are estimated to have reached $372 billion in 2011, an increase of 12.1 percent over 2010.The growth rate of remittances was higher in 2011 than in 2010 for all regions except Middle East and North Africa, where flows were moderated by the Arab Spring. Remittance flows to developing countries are expected to grow at 7-8 percent annually to reach $467 billion by 2014. Worldwide remittance flows, including those to high-income countries, are expected to reach $615 billion by 2014.
Migration and Development Brief 17
For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Growth of remittances in 2011 exceeded our earlier expectations in four regions, especially in Europe and Central Asia (due to higher outward flows from Russia that benefited from high oil prices) and Sub-Saharan Africa (due to strong south-south flows and weaker currencies in some countries that attracted larger remittances). By contrast, growth in remittance flows to Latin America and Caribbean was lower than previously expected, due to continuing weakness in the U.S. economy and Spain. Flows to Middle East and Africa were also impacted by the “Arab Spring.”
Migration and Development Brief 16
Officially recorded remittance flows to developing countries recovered quickly to $325 billion in 2010 after the global financial crisis. But they have not kept pace with rising prices in recipient countries. Remittance flows are expected to grow at lower but more sustainable rates of 7-8 percent annually during 2011-13 to reach $404 billion by 2013.
Migration and Development Brief 15
Historically post offices have played a role in the provision of remittances and basic financial services to low-income populations. As this function is being revived in an increasing number of developing and emerging countries, remittance services can be improved to better match financial inclusion goals. This paper describes the efforts being made in Sub-Saharan Africa to increase access to remittance services through post offices in small towns and rural areas, and discusses how this improved access could be used to develop crucial savings and other financial services for the poor. The outcomes are encouraging, though a number of constraints must be removed to fully realize the potential of posts in this area.