The Global Financial Crisis and Workers' Remittances to Africa What's the Damage?

Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipient countries, this paper estimates the impact of the global economic crisis on African GDP via the remittance channel during 2009-2010. It forecasts...

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Bibliographic Details
Main Author: Chami, Ralph
Other Authors: Barajas, Adolfo, Fullenkamp, Connel, Garg, Anjali
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2010
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a United States 
653 |a International finance 
653 |a Outward remittances 
653 |a Migration 
653 |a Income 
653 |a Balance of payments statistics 
653 |a Short-term Capital Movements 
653 |a International Migration 
653 |a Migration, immigration & emigration 
653 |a Current Account Adjustment 
653 |a Balance of payments 
653 |a Emigration and immigration 
653 |a Exports and Imports 
653 |a Aggregate Factor Income Distribution 
653 |a International economics 
653 |a National accounts 
653 |a Population and demographics 
653 |a Emigrant remittances 
653 |a Macroeconomics 
653 |a Economic Growth and Aggregate Productivity: General 
653 |a Economic and financial statistics 
653 |a Statistics 
653 |a Emigration and Immigration 
653 |a Econometrics & economic statistics 
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520 |a Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipient countries, this paper estimates the impact of the global economic crisis on African GDP via the remittance channel during 2009-2010. It forecasts remittance declines into African countries of between 3 and 14 percentage points, with migrants to Europe hardest hit while migrants within Africa relatively unaffected by the crisis. The estimated impact on GDP for relatively remittance-dependent countries is 2 percent for 2009, but will likely be short-lived, as host country income is projected to rise in 2010