You would expect people to give less in times economic and financial crisis. Yet, it seems that The Index of Global Philanthropy and Remittances remained remarkably stable in the face of economic turmoil this year. Public donors cut back on foreign aid spending, but global philanthropy and other forms of private giving are expanding.
According to a Hudson Institute’s Center for Global Prosperity (CGP) report titled “The Index of Global Philanthropy and Remittances 2011”, it seems that Organization for Economic Cooperation and Development – Development Assistance Committee (OECD-DAC) does not have complete figures on private giving. This leads to an incomplete map of development contributions. OECD-DAC is regarded as a top official source for global development data and information.
The report shows that philanthropy and remittances are also key development indicators. These two indicators along with official development assistance (ODA) one can find out more about foreign aid generosity by country. “The Index of Global Philanthropy and Remittances 2011” indicates also that private capital investment of $228 billion represents the largest financial flow from developed to developing countries. Remittances come second as the largest flow. They are valued at $174 billion. Remittances remained resilient in 2009 despite the worldwide recession. As predicted in last year’s report, remittances to developing countries declined only by a small margin, 5.5%.
The report includes also some interesting case studies showing success stories of efficient philanthropic actions.
Categories: Features & Analysis