WASHINGTON (Sputnik) — The World Bank said official remittances to developing countries dropped by 2.4 percent in 2016 to $429 billion from $440 billion in 2015.

“Remittances to developing countries fell for a second consecutive year in 2016, a trend not seen in three decades,” the release stated. “Low oil prices and weak economic growth in the Gulf Cooperation Council (GCC) countries and the Russian Federation are taking a toll on remittance flows to South Asia and Central Asia, while weak growth in Europe has reduced flows to North Africa and Sub-Saharan Africa.”

At the same time, the number of global remittances, which include money flow to high-income countries declined to $575 billion in 2016 from $582 billion in 2015, according to the report.

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