22:53 GMT +327 May 2018
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    Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo in this October 10, 2012 file photo.

    Remittances to Developing Countries Slide Amid Weak Growth - World Bank

    © REUTERS / Kim Kyung-Hoon
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    The flow of remittances to developing countries continued to decrease in 2016 because of low commodity prices and weak economic growth, marking the second consecutive year of decline, the World Bank said in a report on Friday.

    WASHINGTON (Sputnik) — The World Bank said official remittances to developing countries dropped by 2.4 percent in 2016 to $429 billion from $440 billion in 2015.

    "Remittances to developing countries fell for a second consecutive year in 2016, a trend not seen in three decades," the release stated. "Low oil prices and weak economic growth in the Gulf Cooperation Council (GCC) countries and the Russian Federation are taking a toll on remittance flows to South Asia and Central Asia, while weak growth in Europe has reduced flows to North Africa and Sub-Saharan Africa."

    At the same time, the number of global remittances, which include money flow to high-income countries declined to $575 billion in 2016 from $582 billion in 2015, according to the report.

    economic growth, Gulf Cooperation Council (GCC), World Bank
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