According to the latest World Bank’s report, the weakness of economic growth in Europe, especially in Russia, will lead to the decrease of expatriates’ remittances in 2015.
The report “Migration and Development Brief” added that the weakness of currencies compared to the US Dollar and the fall of oil prices cast more burdens on the migrants’ ability to transfer money to their relatives in their nations.
The World Bank forecasted that the remittances by expatriates to developing countries will reach $435 billion in 2015, which is a mere 2 percent increase, compared with last year. This represents a considerable regression in the remittances’ growth average, after a 3.3% increase in 2014 and a 7.1% yearly increase between 2010 and 2013.
At the global level, the WB forecasted a 1.3% increase in remittances sent by 250 million expatriates, at a value of $588 billion.
