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World Bank predicts remittances to Tanzania to fall next year

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Invisible, Nov 17, 2008.

  1. Invisible

    Invisible Admin Staff Member

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    Remittances from oversea Tanzanians are projected to decrease due to the ongoing financial crisis in the developed world, the World Bank has predicted.

    The World Bank said in its latest migration and development forecast that remittance income in developing countries would decline by 1 percent at least from 2008 to 2009.

    The drop could be as much as 6 percent, according to Dilip Ratha who heads the bank's migration and development research team.

    For both 2006 and 2007, remittance income for Tanzania reached 14 million U.S. dollars.

    Sub-Saharan Africa took in 19 billion dollars in remittances in 2007, or 2.5 percent of the region's gross domestic product, according to World Bank figures.

    In sub-Saharan Africa, Nigeria and Kenya net the largest and second largest yearly remittance incomes.

    By Deng Shasha,
    Xinhua of Nov 17, 2008
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    Game Theory JF-Expert Member

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