Impact of the Global Financial Crisis on Migration and Remittances

Abstract

Remittances to developing countries are
 estimated to have declined by 6.1 percent in 2009 as a
 result of weak job markets in major destination countries.
 Although new migration has fallen, it is still positive. The
 stock of international migrants, therefore, has continued to
 grow and remittances have remained resilient. Going forward,
 remittance flows to Latin America are expected to recover,
 whereas those to East Asia and South Asia are likely to
 slow. Policy responses should involve efforts to facilitate
 migration and remittances to make these flows cheaper,
 safer, and more productive for both the sending and the
 receiving countries.