Migrant Workers Pour Trillions into World Economy

Press Conference on IFAD report at the UN Foundation (06/14/17)By Roshni MajumdarUNITED NATIONS, Jun 15 2017 (IPS)A new report by the International Fund for Agricultural Development (IFAD) says the flow of money from migrants—commonly located in developed countries—to their families in lower income countries has doubled over the last decade. Dubbed the remittance flow, it increased by 51 percent—from 296 billion dollars in 2007 to 445 billion in 2016—lifting families out of poverty across the world.Migrants in the United States typically send the largest amount of money, making the U.S. the biggest benefactor, closely followed by Saudi Arabia and Russia, according to the report.In fact, the top ten countries, largely in Europe and the Gulf Council, account for half of the annual flows.The increase in flow of money brings good news. First, it increases the leverage of migrant workers all over the world. Second, it boosts sustainable development in countries which benefit from the money, notably China, India and the Philippines, which tops this list.Asia receives nearly 55 percent of the total money sent from developed countries.The money sent is used by families to achieve personal goals, such as improving healthcare, educa-tion and food security. This is why, despite the seemingly staggering numbers, Gilbert F. Houngbo, the President of IFAD, said “It is not about the money being sent home, it is about the impact on people’s lives.”Still, even if the leading blo...

Source: IPS Inter Press Service - Health - June 15, 2017 Category: International Medicine & Public Health Authors: Roshni Majumdar Tags: Asia-Pacific Development & Aid Education Featured Financial Crisis Global Headlines Health Labour Migration & Refugees Poverty & SDGs International Fund for Agricultural Development (IFAD) Remittances Source Type: news