The debilitating cost of remittances

November 05, 2022

The Debilitating Cost of Remittances | Economic Empowerment | GZERO Media

Dilip Ratha knows how hard it is to work abroad and send money home. Why? Because he had to go through the same hoops when he was a migrant.

It's the inconvenience and the cost, the World Bank's head of KNOMAD and lead economist says during a livestream conversation on closing the global digital gap hosted by GZERO in partnership with Visa.

Still, Ratha points out, these flows are a lifeline for millions of poor families around the world. And they keep the lights on in remittance-dependent economies like El Salvador or Lebanon.

With an average 6% commission, the amount lost each year is double all the aid that the US gives to the entire world or what sub-Saharan Africa gets.

Watch our recent livestream discussion on digital payments, the unbanked, remittances, and other tools for economic empowerment.

Why China's Xi Jinping needs Jack Ma

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Jack Ma, the billionaire founder of tech giant Alibaba, was once synonymous with entrepreneurship in China. But in 2020, he disappeared from public view after criticizing the country’s financial system amid President Xi Jinping’s crackdown on the tech sector. Recently, however, it seems Jack Ma may be back in the Communist party’s good graces. On GZERO World, Ian Bremmer spoke with China analyst and Sinocism author Bill Bishop about the meaning behind Ma’s apparent reemergence and rehabilitation.

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The Trump White House has received thousands of recommendations for its upcoming AI Action Plan, a roadmap that will define how the US government will approach artificial intelligence for the remainder of the administration.

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The Israel-Hamas ceasefire ended overnight, as Israel resumed airstrikes on the Gaza Strip following Hamas’ refusal to release Israeli hostages. Over 300 fatalities have been reported, according to the Hamas-run health ministry.