Introduction To Remittances. Each year, billions of dollars are sent by migrant workers to their home countries, with some estimates putting the total value of remittances at more than $200 billion.
For some countries, remittances make up a sizable portion of GDP. How do remittances work, and what are some of the pitfalls that developing countries face when dealing with such large inflows of cash? Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy. For many developing nations, remittances from citizens working abroad provide an import source of much-needed funds.
Remittances and Developing NationsMany developing countries have difficulty borrowing money, just as a first-time home buyer might have difficulty obtaining a mortgage. Country EffectsIt is difficult to track how remittance funds are spent because they are private transfers. Kate Stockings sur Twitter : "If we want to transform the developing world, we should look at remittances- currently higher than FDI & Overseas Development Aid. Fundamentally, remittances work to redistribute global wealth & this ‘deal with’ some inequali. The top remittance recipients in 2018: India □□ – 78.6 B China □□ - 67.4 B Mexico □□ – 35.7 B Philippines □□ - 33.8 B Egypt □□ - 28.9 B… *****Migrants working in the US send back to their families $138 billion per year. @howmuch_net chart shows where it goes. Map shows where migrants living in the US send money to. Such payments are called remittances. Source. *****Migrant workers send home £8bn to families.
Image copyright PA Migrant workers in the UK, many in low-paid jobs, are sending £8bn a year to support families in their home countries, says a report from the United Nations' education agency.
This is often used to help relations in poorer countries to stay in school. But Unesco warns too much of this "hard-earned money" is being taken in transfer charges by finance companies. It says that people wiring money should only have to pay 3% in charges - but the global average is 7%. The Association of UK Payment Institutions says prices would be lower if regulators allowed more companies to compete in this market.
INTERACTIVE: Remittance flows worldwide. Migrants sent half a trillion dollars home last year. These maps show where the money went #migration. The Money Trail. Remittance payments are a fundamental, yet often overlooked, part of the global economy.
But the impact on nations receiving the money isn’t just a financial one Remittances are one of the silent cogs that make the world’s economy turn and are arguably the most overlooked source of funding for developing nations. They flow around the world as remorselessly as ocean currents, moving invisibly, around the clock. Then this electronic money lands in bank accounts far from where it was earned, paid to families often separated by thousands of miles. Beyond the headlines: quantifying the economic contributions of migrants. In today’s society, we are defined by our ability to reach every corner of the world in an instant.
We can share ideas and move between geographies, cultures and continents like never before. So it’s not surprising people are on the move. In fact, according to figures from the United Nations, there are now 243 million international migrants, representing roughly 3.4% of the global population. Migration is a major dimension of globalization, but today we live in a time of huge political and economic uncertainty – one where many countries are questioning their national identities and their status within the international community.
As such, migration and migrant matters have become some of the most talked-about topics of today’s political and media discourse, with the dominant narratives focusing either on remittance flows by migrants to relatives in their home countries or friction within their host country. But we could view international migration differently. Africa’s high-flyers Share. Beyond the headlines: quantifying the economic contributions of migrants @WesternUnionCEO #wef17. Beyond the headlines: quantifying the economic contributions of migrants. In today’s society, we are defined by our ability to reach every corner of the world in an instant.
We can share ideas and move between geographies, cultures and continents like never before. So it’s not surprising people are on the move. In fact, according to figures from the United Nations, there are now 243 million international migrants, representing roughly 3.4% of the global population. Migration is a major dimension of globalization, but today we live in a time of huge political and economic uncertainty – one where many countries are questioning their national identities and their status within the international community. As such, migration and migrant matters have become some of the most talked-about topics of today’s political and media discourse, with the dominant narratives focusing either on remittance flows by migrants to relatives in their home countries or friction within their host country.
Remittances: #CashTransfers are not handouts. They increase the production of poor families #Ev2Act @unicef #UNFAO. Twitter.