World Bank predicts remittances to Tanzania to fall next year
17/11/2008 17:18
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 US$14
million.
Sub-Saharan Africa took in US$19 billion 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.
Xinhua
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