![]() Collecting money from any building also causes a VTOL aircraft to come along and drop XP and more money for the picking. After reaching level 6 (the end of the tutorial), players can perform short tasks at any building at any time in hopes of finding materials – or just to earn extra money. From The Economist, published under licence.Other types of edifices such as residential buildings just produce money on their own schedules with no need to choose a contract. If that had happened in 2022, remittances recipients’ would have been $24bn richer, collectively. ![]() Should such plans succeed, they will bring transfer costs closer to the UN target of 3%. From March 31st Indian migrants in Singapore will be able to send money home using UPI. India has similar ambitions for the Unified Payments Interface (UPI), its national payments platform. M-PESA, a Kenyan mobile-payments platform that provides low-cost transfers, has spawned imitators and is expanding globally, targeting the remittance market. For transfers to sub-Saharan Africa, that figure is 8%.ĭevelopments in payment technologies should lower costs. According to the World Bank, in 2022 the average cost of sending $200 to low-and middle-income countries was $12, or 6%. And reforms could help remittance recipients keep more of the money their relatives send. For a start, the volume of remittances could increase if countries let in more migrants (though few rich countries seem keen to relax immigration rules). These effects could be made more powerful yet. Several studies have found that increases in remittances are associated with reductions in poverty. During the covid-19 pandemic, for instance, remittances provided additional cash that helped cushion the impact of lockdown-induced slowdowns. Another important benefit is allowing people to build up savings. Remittances allow recipients to spend more on nutritious food or children’s education. According to a study published in Economic Modelling, another journal, in 2022, a 1% increase in remittances increased real GDP by 0.6% in the Dominican Republic but decreased it by 0.5% in Bosnia and Herzegovina.Īlthough the impact of remittances on an economy is ambiguous, the effect on poverty is clearer. That finding, however, masks significant variation. But according to an analysis of 95 studies published in World Development, a journal, in 2020, on balance they have a small but positive effect on growth. Remittances could have a similar effect.Įstimating the overall effects of remittances on growth, then, is tricky. The concept, coined by The Economist in 1977, described how the inflow of foreign currency into the Netherlands following the discovery of natural-gas deposits pushed up the value of the local currency, making exports less competitive and hurting markets. In poor countries with large informal sectors and limited access to credit, remittances can provide the start-up capital needed to spur entrepreneurship.īut remittances can also have bad effects. Big injections of money can boost consumption by allowing households to spend more on things such as food, education and transport-all of which could help growth. Tonga, for instance, received remittances worth 50% of its GDP in 2022. In many places, cash from abroad is large as a share of GDP.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |