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Global remittances set to rise to $399bn

Arabian Business - June 16, 2012. "Migrant workers, of which millions work in the Gulf region, are projected to remit about $399bn to their home countries during 2012, compared to $372bn last year, a World Bank-related publication has revealed. Although many of the 215 million international migrants are facing worsening employment prospects in some destination countries, particularly high-income Europe, their cash support to families in their home countries has remained resilient."

"According to a new book called Migration and Remittances during the Global Financial Crisis and Beyond, countries in South Asia and East Asia with many migrants in the GCC continue to register increased remittance inflows.

Separately, Jadwa Investments forecast remittances from Saudi Arabia, the world's second largest remittance-sending country after the US, to rise five percent this year to about SR110bn ($29.3bn)."


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