Summary of The Hidden Force in Global Economics

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The Hidden Force in Global Economics summary
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Rating

9

Qualities

  • Innovative
  • Eye Opening
  • Inspiring

Recommendation

“Dollars wrapped with care.” This is how developmental finance scholar Dilip Ratha refers to remittances – money that migrant workers send home. Such revenue provides support to those who need it most. getAbstract recommends Ratha’s eye-opening, heartfelt presentation, which shines a light on the economic and social power of remittances.

About the Speaker

Economist Dilip Ratha is the manager of the migration and remittances team at the World Bank.

 

Summary

Some 232 million people worldwide have migrated to other nations in order to work and to earn enough to send money home. The international migrant community is larger than the population of Brazil, and its economy is greater than that of France. In 2013, remittances to developing countries topped $413 billion – three times the size of total foreign aid. Yet economists often discount the value of remittances as a true economic force.

While each worker sends home an average of only $200 per month, this money quickly accumulates. In 2013, India received total remittances of $72 billion – more than its IT exports earned. The cash provides a lifeline to its recipients...


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