Closing The Gap

The debilitating cost of remittances

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.

More For You

- YouTube

With the US no longer providing financial support for Ukraine, Europe is footing the bill. Polish Foreign Minister Radoslaw Sikorski says that gives Europe a right to be included in negotiations for how the war ends.

- YouTube

Russia is testing NATO’s red lines with escalating drone attacks and airspace violations. Can Europe defend Ukraine and itself without help from the US? Polish Foreign Minister Radoslaw Sikorski joins Ian Bremmer on GZERO World.