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Archive for the tag “remittances”

Supporting Migrants And Remittances as COVID-19 Rages On

Just as COVID-19 has disproportionately impacted some communities more than others, globally, the virus has had an oversized negative impact on migrant workers. Perhaps surprisingly, despite the bleak experience for foreign overseas workers during the pandemic, the effect on remittances—the flow of money they send back home—has, in many cases, proven resilient. But that trend may yet be upended.

Read Here | IMF Blog

Lifelines In Danger

The COVID-19 pandemic is crippling the economies of rich and poor countries alike. Yet for many low-income and fragile states, the economic shock will be magnified by the loss of remittances—money sent home by migrant and guest workers employed in foreign countries.

Read Here – Finance & Development

Lifelines In Danger

The COVID-19 pandemic is crippling the economies of rich and poor countries alike. Yet for many low-income and fragile states, the economic shock will be magnified by the loss of remittances—money sent home by migrant and guest workers employed in foreign countries.

Read Here – Finance & Development

COVID-19 Poses Formidable Threat For Fragile States In The Middle East and North Africa

COVID-19 will trigger a sharp drop in household incomes in Middle East and North African (MENA) countries that are fragile and in conflict situations, such as Afghanistan, Djibouti, Iraq, Lebanon, Sudan, and Somalia. As export earnings suffer and social distancing reduces domestic activity, incomes will decline—especially for informal and low-skilled workers, including within large internally displaced populations and refugees.

Read Here – IMF

World Bank Predicts Sharpest Decline Of Remittances In Recent History

Photo by Pepi Stojanovski on Unsplash

Global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.

Read Here – World Bank

11 Numbers Showing India Has A Long Way to Go To Become The Next China

Read Here – The Wall Street Journal

5 Gaps That Define India-China Relationship

Why Is India Silent On ISIS?

India has huge stakes in the Middle East — but in very different ways from the United States. India’s concerns in the region are less about national security implications, and more about the safety of its citizens. India is the world’s number one remittance country; it received roughly $71 billion in 2013, according to a World Bank report — and much of that comes from the Gulf.

Read Here – Foreign Policy

Sending Money Home

In Asia’s developing countries, the power and potential of remittances – the money that migrant workers send home to their families (many of whom live in poor and remote areas) – is immense. Currently, over 60 million migrant workers from the Asia/Pacific region account for more than half of all remittance flows to developing countries, sending home about $260 billion in 2012.

China, India, and the Philippines are the three largest recipients of remittances, while Bangladesh, Indonesia, Pakistan, and Vietnam are also in the top ten. The money is often a lifeline: it is estimated that 10% of Asian families depend on payments from abroad to obtain their food, clothing, and shelter.

Read Here – Project Syndicate

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