The global money remittance market is expected to grow at a compound annual growth rate (CAGR) of 6.4 percent by 2016 (2011-2016), recent research has unveiled.

According to the “Global Money Remittance Industry - Performance and Forecast 2016” report released by Indian market research firm AM Mindpower Solutions by 2016, the global money remittance market will register a slower increase as compared to CAGR 8.04 percent in 2006-2011.

According to the source, in 2009, remittance inflow registered a decrease of 14.8 percent in Mexico, as a result of changes in the US economy. During 2010, remittance to Central America has only grown by 1.6 percent.

The same report has also indicated that in 2011 the global remittance flow has only grown by 3 percent since 2010 as a result of debt crisis in Europe and the US economies. In developing countries, the marginal growth in remittance flow has reached 2.88 percent and is expected to register a slower growth in 2012.

The report gathered information about the industry size, flow of remittances worldwide and by geography including Europe (mostly UK, Germany), Latin America, the US, Middle East, North Africa and Asian regions.