Global remittances keep families and some nations afloat.
By:
Meghna Pant
Remember the time you sent $100 to your favorite niece in Germany, or $800 to your sick mother in India, or the $1,500 to your son for his exchange program in Paris? The money you sent is part of the mega business of remittances, which in 2008 totaled $328 billion worldwide. The bulk of these remittances are transferred by foreign workers to family members for household expenses in their home countries. Remittances are the second largest financial inflow to many developing nations after trade and are bigger than even international aid or total foreign direct investment in India. For countries like Tajikstan, Tonga and Moldova, remittances constitute between a third to a half of their gross domestic product. They help fuel social and economic growth in many countries. Most often expatriates use money transfer organizations (MTOs), such as Western Union or MoneyGram, to send much-needed money to struggling family members back home. Read More
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