Remittances: the hidden engine of globalisation
This is a hugely important aspect of the changing world economy and pathways to development for many lower and middle income countries. 2019 might be the year that the value of remittances could exceed foreign direct investment as the major source of external finance for a large number of nations. Assessing the advantages and potential drawbacks of remittance flows is an important debate for Theme 4 economics.
It is estimated that 270m migrants around the world will send a combined $689bn back home this year according to World Bank estimates. The FT has this special report on remittances.