Philanthropy to the developing world remained steady in 2008 and remittances continued to grow—despite the global recession and dire forecasts—providing a much
needed lifeline to poor people throughout the world. And they were more resilient to the downturn than private capital flows to developing countries, which fell dramatically in 2008. Despite this, private flows still accounted for three-quarters of the developed world’s economic dealings with developing countries in 2008, proving that this innovative, diverse new foreign aid architecture is here to stay in good times and in bad
