Migrants cash remittances have grown faster despite the world financial crisis

Cash remittances sent home by migrants, a major part of developing world revenue, have grown faster than expected despite the world financial crisis, the World Bank said Tuesday.

In an update to its annual report on remittance flows, the development lender said recorded transfers increased by 12.1 per cent last year to $372 billion and are expected to hit $467 billion by 2014…

The countries receiving the largest sums in remittances from migrants are the developing world’s giants India, China and Mexico, but those most reliant on them are more marginal economies.

The former Soviet central Asian republic of Tajikistan, for example, relies on migrants for almost a third of it GDP, just ahead of the landlocked southern African kingdom of Lesotho.

via Migrant remittances resist crisis: World Bank – Economy – Business – Ahram Online.