World Bank says remittances to grow despite Eurozone woes
The ABS CBN News (Philippines), June 10, 2010
Manila, Philippines — The World Bank said that remittances to the Philippines and other developing Asian economies will grow this year despite the possible threat of a slowdown in debt-saddled Europe.
'Thanks to diversification of skills of the migrant workers and of the labor market. We are going to see remittances to continue growing at a robust pace,' said Andrew Burns, economist at the World Bank and lead author of the World Bank's latest Global Economic Prospects (GEP) released on Thursday.
The World Bank said the global economy could grow by 3.3% this year, and by 3.5% in 2011 and 2012.
It raised its forecast for the Philippine economy to 4.4% in 2010, higher than its original forecast of 3.5%, following a better than expected first quarter growth, and improving business sentiment.
There are more than 8 million Filipinos living and working abroad, and their record remittances help drive up local consumption.
The central bank or the Bangko Sentral ng Pilipinas has revised its remittance forecast upwards to a growth of 8% this year to $18.7 billion from $17.3 billion at the end of 2009.
The previous projection was 6% or $18.35 billion.
EDITORS NOTE: The World Bank report is available online at: http://web.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTDECPROSPECTS/