Remittances

In 2022, the World Bank estimates, remittances around the world will reach $630 billion. Remittances are the amounts being sent abroad to support family members by workers in  foreign countries. It’s an astounding figure representing a 4.2% increase over the previous year. It’s particularly astounding when one remembers that the amount sent abroad are usually sent by migrants, people who do not earn much. There are exceptions surely, but many may not be legally in a country, and earn little. In order to send money to their family they endure a subsistence level existence, perhaps even more so because the costs of wiring money have gone up. These are the people often discriminated against, people whom in the United States, those on the political right are wont to call criminals. I  can’t help but respect them. I’ve called attention to them before and I’m doing it again.  As a group they make a difference in the economy of their respective country. In the Philippines for example the remittances sent make up 10% of GDP. Remittances slowed during the pandemic and border closures, still remittances to Mexico rose 27% to $32.8 billion and migrants sent 35% more to Guatemala. Ukraine also counts on remittances for 10% of its GDP. Inflation and higher interest rates may affect future remittances, still workers helping supporting their families, most often migrant workers, have and will continue to give and be inspirations for how to share.

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