Global migrant remittances growth to slow: World Bank

Tokyo

THE growth of the massive wave of financial remittances to Asian and other emerging economies from overseas migrants will slow sharply this year because of various problems in the global economy, according to a new report by the World Bank.

This will particularly impact the top five remittance recipient countries: India, China, the Philippines, Mexico and Nigeria from where migrants go chiefly to the US, Saudi Arabia, Germany, Russia and the United Arab Emirates, the report said.

The projected slowdown in the value of remittances is due to "weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro …