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Developing countries to receive over $400 billion in remittances in 2012, says World Bank report, By Panorama, 20 November 2012


Remittance flows to the developing world are expected to exceed earlier estimates and total $406 billion this year, an increase of 6.5 percent over the previous year, according to a new World Bank brief on global migration and remittances.

Remittances to developing countries are projected to grow by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach $534 billion in 2015.

Worldwide remittances, including those to high-income countries, are expected to total $534 billion in 2012, and projected to grow to $685 billion in 2015, according to the latest issue of the Bank’s Migration and Development Brief, released today.

However, despite the growth in remittance flows overall to developing countries, the continuing global economic crisis is dampening remittance flows to some regions, with Europe and Central Asia and Sub-Saharan Africa especially affected, while South Asia and the Middle East and North Africa (MENA) are expected to fare much better than previously estimated.

The top recipients of officially recorded remittances for 2012 are India ($70 billion), China ($66 billion), the Philippines and Mexico ($24 billion each), and Nigeria ($21 billion). Other large recipients include Egypt, Pakistan, Bangladesh, Vietnam, and Lebanon.

As a percentage of GDP, the top recipients of remittances, in 2011, were Tajikistan (47 percent), Liberia (31 percent), Kyrgyz Republic (29 percent), Lesotho (27 percent), Moldova (23 percent), Nepal (22 percent), and Samoa (21 percent).

“Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittances recipient countries,” said Hans Timmer, Director of the Bank’s Development Prospects Group.

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Posted by on November 20, 2012 in Uncategorized

 

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South African Revenue Service (SARS) reforms ‘eased trade over borders’, By Linda Ensor, Business Day Live, 20 November 2012


The customs modernisation programme on which the South African Revenue Service (SARS) embarked in 2009 was the main reason South Africa’s international rankings for the ease of cross-border trade had improved, Finance Minister Pravin Gordhan said on Friday.

The World Bank’s 2012 Ease of Doing Business report, released last month, showed that South Africa had gained one position to rank 35th among 185 countries after it improved in three categories. In 2011, South Africa improved in six categories compared with the previous year but also fell in three.

Mr Gordhan said in a written reply to a parliamentary question that SARS’ customs modernisation programme had had a “significant impact” on trade facilitation for legitimate goods.

Mr Gordhan quoted from the World Bank’s Doing Business 2013 report: “In 2011-12, South Africa improved the most in the ease of trading across borders as measured by Doing Business. Through its customs modernisation programme it implemented measures that reduced the time, cost and documents required for international trade. Improvements in South Africa have effects throughout Southern Africa. Since overseas goods to and from Botswana, Lesotho, Swaziland and Zimbabwe transit through South Africa, traders in these economies are also enjoying the benefits.”

The World Bank report noted that, overall, South Africa improved the average time taken to import goods from 32 days last year to 23 days this year, with significant improvements in document preparation and customs clearance.

Mr Gordhan said the introduction of improved risk analysis as part of the customs modernisation programme since 2009 had provided more accurate targeting of illicit goods. In the 2011-12 financial year, the accuracy of audits improved, with a 59% success rate achieved on invalid tariff or valuations and a 57% success rate on customs storage and manufacturing warehouse audits.

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Posted by on November 20, 2012 in Uncategorized

 

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