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.

Global philanthropy and remittances will play the most important roles in helping developing countries weather the fi nancial crisis that began in 2008. Offi cial Development Assistance (oda), though important for the less than 25 percent of countries whose offi cial aid exceeds 10 percent of their gross national income (gni), represents only 17 percent of total fi - nancial fl ows from developed to developing countries. Taking a closer look at the forecast for international philanthropy and remittances in 2009,we fi nd that the prospects may be less dismal than expected.

Jamaica