Migration, Remittances, GLOBAL:
Remittances rise despite west’s economic weakness

11/21/2012 3:31:29 AM Reprint | | Print |

WASHINGTON - The World Bank says that despite recession in Europe and a weak recovery in the United States, remittances to developing countries have been growing at a strong pace over the last year. - According to a 12-page report from the bank, India, for example, will likely receive an estimated 70 billion dollars in remittances this year – the most of any country.

Countries in the former Soviet Union have benefited from Russia’s oil boom and remittances to Armenia, Georgia, Kyrgyzstan, Moldova, and Tajikistan are all estimated to have grown this year.

By contrast, countries that have relied more heavily on remittances from migrants in the European Union– notably, Eastern Europe, some Central Asian and Muslim countries, and Africa – have not done as well.

This is due to the EU’s continuing recession and unemployment problems as well as the related growth in anti-immigrant sentiment and Islamophobia there. (END//2012)

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