5/24/2023 0 Comments The Change by Remittance Girl![]() ![]() In more than 60 developing countries, remittances exceed 5 percent of GDP. ![]() Remittances are thus important to migrant households, many of which are low-income or otherwise vulnerable, and they’re important at the national level, too. Their families may depend on that money to meet basic needs, or they may intend to save it up to build a house, buy land, launch a business, get a degree, or some other longer-term goal. Wherever their home or host countries, for most migrants, sending money back home is a major priority. And contrary to the archetypal image of the migrant who leaves a low-income country in the global South for a rich one in the global North, most migration actually happens south to south. More than 85 percent are economic or voluntary migrants. As of 2019, an estimated 270 million people, or roughly 3.5 percent of the total global population, live and work outside their home countries. ![]() To understand why innovation is so vitally needed in remittances, a bit of background is helpful. ![]()
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