Remittances from Immigrants to Developing World Down
The Economist reports this week (August 1, 2009, p 64), "Remittances to developing countries: what goes up," that remittance payments by immigrants, legal and illegal, from developed countries to developing countries has shrunk by a lot. Remittances held up during 2008 but they are a lagging indicator of economic distress, and in 2009 were shrinking radically: [T]he chances that remittances will...