UN Forcecasts Drop in Remittances Worldwide

Migrant remittances, a vital source of income for poor countries, could decline by up to 6 percent next year due to worsening economic conditions around the world, the U.N.’s trade chief said Friday.

Supachai Panitchpakdi, head of the U.N. Conference on Trade and Development, also warned that rich countries’ investment in the developing world will dry up as a result of the expected global downturn. He said the decline would be somewhat less than the 40 percent drop predicted by the Paris-based Organization for Economic Development. For the story, click here.

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