WASHINGTON, CMC – The World Bank says remittances to the developing world, including the Caribbean, are expected to grow by 6.3 percent this year to US$414 billion.
In its revised estimates and forecasts, issued here on Wednesday, the World Bank also projected that remittances to the developing world will cross the half-trillion mark by 2016.
The bank said remittance volumes to developing countries, as a whole, are projected to “continue growing strongly over the medium term,” averaging an annual growth rate of 9 percent to reach US$540 billion in 2016.