Migrants' billions put aid in the shade

From Aid | The Guardian Wed Jan 30 2013, 13:35:48

Money transfers from workers abroad to family back home have tripled in a decade and are three times larger than global aid budgets

For decades it was a largely unnoticed feature of the global economy, a blip of a statistic that hinted at the tendency of expatriates to send a little pocket money back to families in their home countries.

But now, the flow of migrant money around the world has shot up to record levels as more people than ever cross borders to live and work abroad. It's known as remittance money, and in 2012 it topped $530bn (£335bn), according to the latest World Bank figures.

The amount has tripled in a decade and is now more than three times larger than total global aid budgets, sparking serious debate as to whether migration and the money it generates is a realistic alternative to just doling out aid. If remittances at the level recorded by the World Bank were a single economy, it would be the 22nd largest in the world, bigger than Iran or Argentina.

[view whole blog post ]
 See More    |     Report Abuse

You might also be interested in the following news stories:

Egypt:   Three Policemen Detained in Egypt Over Suspect's Death in Custody (news)
Aswat Masriya
29 May 2016

Egyptian prosecutors ordered on Saturday the detention of three low-ranking policemen to four days pending investigation over the purported death of an elderly citizen in custody, in the latest in a ... [read more]

Egypt:   Industrial Zone to Be Established in Egypt's South Sinai - Minister (news)
Aswat Masriya
29 May 2016

Egypt's Minister of Trade and Industry said on Saturday that he approved a plan to establish an EGP 820 million (around $92 million) industrial zone in the province of South Sinai. Tarek Kabil said ... [read more]

Egypte:   Le taux de croissance économique a atteint 4,5% (news)
Egypt State Information Service
29 May 2016

Le ministre de la Planification, Achraf El-Arabi a déclaré samedi,le 28/05/2016, que le taux de croissance économique avait atteint 4,5% durant le premier semestre de l'exercice ... [read more]

blogAfrica is allAfrica.com's platform to help you keep an ear on the African blogosphere. We draw diverse voices from around the world who post regularly and insightfully about African issues. Bloggers, submit your blog's rss-feed!

Today's Featured News
Mozambique Ruling Party Faces Tough Contest

Renamo supporters: Ruling Frelimo faces a stern challenge at Wednesday's polls from...

Surge in Central African Republic Violence

African Union troops in Bangui (file photo): The UN has expressed alarm...

Nigeria, Cameroon, Ghana Get Crucial Wins

Asamoah Gyan of Ghana (file photo): The Super Eagles have boosted their...