(MENAFN) The World Bank's (WB) latest Migration and Development Brief showed that the Middle East and North Africa (MENA) region is forecasted to post 8.4 percent rise in received remittances in 2012, reported Arabian Business.
The report showed that the region is expected to receive USD47 billion in remittances in the current year.
The report showed that regions with large numbers of migrants in oil exporting countries, including the GCC, post strong growth in inward remittance flows, compared with those whose migrant workers are largely concentrated in the advanced economies, mainly Western Europe.
In 2012, remittance flows to the developing countries are projected to grow 6.5 percent from 2011 to USD406 billion, with the figure expected to rise by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015, reaching USD534 billion.
Nevertheless, global remittances, including those to high-income countries, are forecasted to reach USD534 billion in the current year, and to increase to USD685 billion in 2015.
The main recipients of officially recorded remittances are India with USD70 billion, China USD66 billion, the Philippines and Mexico USD24 billion and Nigeria with USD21 billion.