Officially recorded remittance to developing countries reached $318bln in 2009

PanARMENIAN.Net - Officially recorded remittance to developing countries reached $318bln in 2009, down 6% from $336bln in 2008.

“With improved prospects for the global economy, remittance flows to developing countries are expected to increase by 6.2% in 2010 and 7.1% in 2011,” Mr. Luca Barbone, World Bank Poverty Reduction Group Director, said during International Workshops on the Economic and Social Impact of Migration, Remittances and Diaspora organized by the Armenian government, Central Bank of Armenia and World Bank.

“Migration is a phenomenon that reflects economic, social and demographic imbalances across countries and requires a multi-disciplinary approach to understand and manage,” he said. “The fact remains that there is really still only small fraction of the world population who reside outside their country of birth. Only 3% of the world’s population (or about 200 million people) live in a country different from their country of birth. Although this is the highest rate in the past 40 years, this rate hasn’t changed much in the last decade.”

“If globalization involves increasing international flows of goods, capital and people, then international flow of people pales in comparison to the volume of flows in goods and capital,” Mr. Barbone noted.

He emphasized that while the South-North migration captures the media attention, possibly an even larger fraction of migration occurs between developing countries themselves, or the South-South migration.

“While most of the international migrants, 37%, move from low- and middle-income countries to richer Northern countries, another 24% of all international migrants are between Southern countries compared to 16% between Northern countries,” Mr. Barbone said.