Crisis from the South /2
And it appears that the problem is not just limited to remittances. According to The Institute of International Finance, private financial flows from rich countries to poor ones will decrease by 63% this year: from US$ 456,8 billions in 2008 down to 165,4 billions in 2009. In 2007 these flows amounted to US$ 928,6 billion.Talking about Latin America, inflows will be down 51% from 2008 level and 76% considering 2007 level.
Money are basically heading home.
Tuesday, 10 March 2009