Dubai: Remittances from the Gulf Cooperation Council (GCC) countries are expected to fall nine per cent next year compared to an increase of 38 per cent in 2008, according to a report by the World Bank.
Money from the GCC accounted for 63 per cent of total foreign remittances received by Bangladesh this year, and the percentage was 52 per cent for Pakistan.
UAE-based money transfer companies told Gulf News they expect a slowdown in funds being sent by expatriate workers to their home countries, but ruled out a dramatic reduction.
A combination of falling oil prices and the impact of the global financial crisis on the GCC economies is expected to hit the labour market.
Money from the GCC accounted for 63 per cent of total foreign remittances received by Bangladesh this year, and the percentage was 52 per cent for Pakistan.
UAE-based money transfer companies told Gulf News they expect a slowdown in funds being sent by expatriate workers to their home countries, but ruled out a dramatic reduction.
A combination of falling oil prices and the impact of the global financial crisis on the GCC economies is expected to hit the labour market.
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