The international financial crisis has affected migrants and remittance receivers worldwide. The loss of jobs in large economies, such as the United States, has led migrants to reduce the remittances they send to their families. The World Bank’s prediction for 2008 was a decline in remittances of 4.4% to Mexico, India and China, the top receivers of remittances in the world. Many low income countries may not be in a position to assist families that counted on the remittances for their basic needs. Governments may need to review their policies or implement new ones to fill this gap. The economic crisis may encourage or force migrants to return home. Despite the fact that government action is fundamental to deal with the economic crisis, collective efforts from different stakeholders, including diasporas, is highly recommended.  Read the rest of this entry »