Migrant Remittances to Bulgaria Towered to USD 2,63 B in 2008

The World Bank expects remittances to developing countries to fall to USD 304 B in 2009 from an estimated USD 328 B last year. File photo

Migrant workers remittances to Bulgaria were worth USD 2,63 B last year and accounted for 5.4% of Bulgaria's gross domestic product, the World Bank said.

The figure marks an increase by 23,5% from 2007, when remittances totalled USD 2,13 B, according to the Washington-based financial institution.

Developing countries are expected to receive far less money from family members living abroad, with remittance flows expected to drop 7.3% this year, the World Bank said.

But remittances are actually holding up relatively well compared to other private flows to developing countries, such as direct or portfolio investments.

In its base-case scenario, the bank expects remittances to developing countries to fall to USD 304 B in 2009 from an estimated USD 328 B last year.

But it warned that such flows could decline by more than 10% to USD 295 B, if protectionist policies force migrants to return home.

India, China and Mexico retain their positions as the top recipients of migrant remittances among developing countries.

 

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