Up to $406 billion of remittance will go developing countries this year

Remittance flows to the developing world are expected to exceed earlier estimates and total $406 billion this year, this is an increase of 6.5 percent over the previous year, according to a new World Bank brief on global migration and remittances.

In this same press release, remittances to developing countries are projected to grow by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach $534 billion in 2015.

Despite the growth in remittance flows overall to developing countries, it is no doubt that the continuing global economic crisis is dampening remittance flows to some regions, with Europe and Central Asia and Sub-Saharan Africa especially affected, while South Asia and the Middle East and North Africa (MENA) are expected to fare much better than previously estimated