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The Global Financial Crisis And Workers' Remittances To Africa: What's The Damage?

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Executive Summary

One of the distinguishing features of the global financial crisis of 2007 - 09 is its effect on remittances. Until the financial crisis, remittances had proven to be a remarkably dependable source of income for households in developing economies, growing robustly regardless of the state of the business cycle. But because real-sector spillovers from the recent financial crisis were quite severe, and fell most heavily on developed and energy-exporting countries, the main sources of immigrant remittances, the total quantity of remittances is expected to fall in 2009 for the first time in decades.

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