The flow of workers' remittances to Pakistan has more than quadrupled in the last eight years and it shows no sign of slowing down, despite the economic downturn in the Gulf Cooperation Council (GCC) and other important host countries for Pakistani workers. This paper analyses the forces that have driven remittance flows to Pakistan in recent years. The main conclusions are: (i) the growth in the inflow of workers' remittances to Pakistan is in large part due to an increase in worker migration; (ii) higher skill levels of migrating workers have helped to boost remittances; (iii) other imporant determinants of remittances to Pakistan are agriculture output and the relative yield on investments in the host and home countries.
This paper reviews the resurgence of Latin America. The paper highlights that much of the region has witnessed a swift and robust recovery from the successive financial crises of 2001–02. Within two years, the region’s economic growth reached 5.6 percent in 2004, a 24-year high. Growth rates of about 4 percent in 2005 and 3¾ percent projected for 2006 are well above historical averages. Mexico and South American countries have gained, in particular, from the surge in fuel, food, and metals prices, and have generally been able to exploit these opportunities by expanding production.
This paper highlights that the 1978 World Bank Annual Meeting, held in Washington, D.C. during September 25–28, 1978, emphasized that greater efforts need to be made by both developed and developing countries, on domestic as well as international fronts, to stimulate lagging growth and to improve the well-being of the poorest. Just as developing countries agreed that economic takeoff was based as much on their own internal policies as on the external environment, the industrialized nations acknowledged that their own economic well-being was more closely linked to the growth of the Third World.