Remittances: Bringing It Home

“Sending money home” was something my wife’s grandfather did for his parents during the Depression. Living in rural Appalachia, Ellis Jackson got a job at the Civilian Conservation Corps (CCC) and sent whatever money he made back home. This seems like a kindhearted, if quaint, relic from the past, right?

Wrong.

The positive impact of remittances is another driver of the decline of poverty across the globe. “In 2013, international migrants sent $413 billion home to families and friends — three times more than the total of global foreign aid (about $135 billion). This money, known as remittances, makes a significant difference in the lives of those receiving it and plays a major role in the economies of many countries. Economist Dilip Ratha describes the promise of these “dollars wrapped with love” and analyzes how they are stifled by practical and regulatory obstacles.” from TED

A study of the effect of remittances by the Refugee Migration Movement Research Unit (RMMRU) found that “remittances from international migration contribute to raising the standard of living of not only the recipients but also the non-migrant households living in migration intensive localities through expanding local demand which in turn create employment and increase wages.”

https://agenda.weforum.org/2014/09/remittances-multiplier-bangladesh-migration-labour/?utm_content=bufferf7650&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

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