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« Where is the world is Wikistrat? | Main | A sign of Africa's genuine emergence within, and connectivity to, globalization »
11:18AM

Chart of the day: World greatest aid flow keeps getting greater

WSJ story noting that:

Migrant workers abroad sent more money to their families in the developing world last year than in 2010, and they are expected to transfer even more cash home this year despite the economic uncertainly gripping the globe.

You can see the divot created by the financial crash in 2008, but note how the trajectory resumes like it never even happened.

The number is staggering:  $372B last year.  World Bank predicts almost half a trillion will flow in 2014.

Key bit:

Remittances remain a key source of hard currency for developing countries, often outstripping foreign direct investment and foreign aid.

It can "immunize" your country from downturns, so sayeth a new WB book on the subject.

Both intra- and inter-regional flows are rising in same manner, with key technological enabler being how cheap it is for ordinary people to wire money.  

One of the biggest players in this realm at about 1/7th of global market?  Western Union.

How's that for a frontier metaphor?  Back then it was all about telegraphs.  Now it's all about remittances.

References (1)

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Reader Comments (3)

Can I assume that the United States leads the way in generating these remittances?

September 28, 2012 | Unregistered CommenterPatrick O'Connor

Can I assume that the United States leads the way in generating these remittances?

September 28, 2012 | Unregistered CommenterPatrick O'Connor

So the $2 billion the US sends per annum to Egypt is small potatoes compared to the $14 billion sent in form of remittances per year.

Correct me if I am wrong, most of this money isn't being sent from the US, but from Gulf states.

September 29, 2012 | Unregistered CommenterMaduka

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