Wednesday, 23 May 2007

Remittances help foil Asia Crisis repeat, World Bank study says

Thursday, May 10, 2007
By Isagani de la Paz
ACROSS the East Asia region sweeps the wind of prosperity and cash remittances as well as knowledge capital by migrant workers has helped economies become more robust a decade after a devastating crisis.

Aside from the Philippines, the World Bank (WB) cited remittances from workers overseas also helped other countries like Vietnam and Mongolia to beef up cash reserves. Hence, remittances could soften and may even foil a repeat of the 1997 Asian crisis -if ever there would be one in the near future. [Read more]

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