Business
Remittances
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Remittances from migrant Indian workers grew 90% to $52 billion in 2008 even as the global economy collapsed, according to the World Bank.
India is the largest recipient of remittances, followed by China, which received $40 billion in 2008. In all migrant workers sent $328 billion to their families in 2008. But the Bank is projecting a decline of 7 to 10 in 2009 as economic conditions worsen. Private capital to developing countries is drying up, falling from $1.16 trillion in 2007 to $707 billion in 2008. Remittances account for almost 46% of Tajikistan’s GDP and 34% of Moldova’s. Top Recipients of Remittances
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