Report Shows Resilience of Philanthropy & Remittances to Developing World
WASHINGTON — Despite the global recession, private giving and remittances are helping developing countries weather the economic storm, according to the new 2010 Index of Global Philanthropy and Remittances published by Hudson Institute's Center for Global Prosperity (CGP).
In 2008, private philanthropy and remittances remained among the most important sources of funding in the developing world. Private philanthropy and remittances from the developed to the developing world were nearly twice as much as government aid ($233 vs. $121 billion). As predicted in last year's Index, remittances from all countries to developing countries have remained remarkably resilient despite the global recession that began in December 2008. These remittances totaled $336 billion in 2008, a 17% increase from 2007.