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The debasing of American politics
Migrants from developing countries sent home $439 billion during 2015, slightly less than the year before. However, the World Bank forecasts that remittance flows will grow this year, driven by a 6% increase in the amount sent back to Latin America and the Caribbean. In Haiti, remittances made up 25% of GDP in 2015. Flows into Europe and central Asia fell by 23% last year, pushed down by the weak Russian economy. The value of remittances sent back to south Asia is likely to drop in 2016, in part due to labour-market policies in Saudi Arabia which favour hiring nationals over migrants. Although India is forecast to receive $66 billion this year, the most of any country, this is still 5% less than in 2015.
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The Economist Newspaper