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The Almighty Buck

Remittances Grow 5% in 2022, Despite Global Headwinds (worldbank.org) 22

Remittances to low- and middle-income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5% to $626 billion. This is sharply lower than the 10.2% increase in 2021, according to the latest World Bank Migration and Development Brief. World Bank: Remittances are a vital source of household income for LMICs. They alleviate poverty, improve nutritional outcomes, and are associated with increased birth weight and higher school enrollment rates for children in disadvantaged households. Studies show that remittances help recipient households to build resilience, for example through financing better housing and to cope with the losses in the aftermath of disasters.

Remittance flows to developing regions were shaped by several factors in 2022. A reopening of host economies as the COVID-19 pandemic receded supported migrants' employment and their ability to continue helping their families back home. Rising prices, on the other hand, adversely affected migrants' real incomes. Also influencing the value of remittances is the appreciation of the ruble, which translated into higher value, in U.S. dollar terms, of outward remittances from Russia to Central Asia. In the case of Europe, a weaker euro had the opposite effect of reducing the U.S. dollar valuation of remittance flows to North Africa and elsewhere. In countries that experienced scarcity of foreign exchange and multiple exchange rates, officially recorded remittance flows declined as flows shifted to alternative channels offering better rates.

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Remittances Grow 5% in 2022, Despite Global Headwinds

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  • It defines the initialism LMIC, then uses it once.
    It fails to define the term remittance, used again and again in this short passage.

    • It defines the initialism LMIC, then uses it once.
      It fails to define the term remittance, used again and again in this short passage.

      I was also confused about the term headwinds, which doesn't seem to have to do with actual moving air.

      • I was also confused about the term headwinds, which doesn't seem to have to do with actual moving air.

        Headwinds is a cutesy term an MBA / PR bootlick uses to describe unfavorable business climates, or pushback from customers.

        For example, if their movies suddenly aren't selling like they used to, a studio may say "Our recent releases encountered unexpected headwinds, and so we'll have to make adjustments to our ranks"

        In English this means: "We made movies no one wants to watch, and now we need to cut y'all loose so the C*O floor keeps its perks, fancy cars and fancy houses and fancy boats and fancy floozie

        • that the 1% are desperately trying to cause so they can quash rising worker bargaining power. It's not working. 3.6 million boomers are hitting retirement a year. Since 2010. COVID is making them think twice about going back to work even if age discrimination wasn't a thing. And while COVID misinformation is now allowed on Twitter (thanks to Musk) they're all on Facebook. So they know the risks aren't worth it.

          Meanwhile the economy grew last quarter and the Stock market's doing great.

          It's weird to w
    • Re: (Score:2, Insightful)

      by phantomfive ( 622387 )

      You should know what a remittance is though. At least, they used to teach vocabulary in schools.

      • This particular use of the word appears to be jargon used by politicians and NGOs and such.
        It wasn't used in any of my AP classes in the '80s, nor in my college geography class. But I majored in math, so such jargon was unlikely to come up in my education.
        There is an interesting Wikipedia article.
        It's fine for a Slashdot summary not to define copyleft or recursion, but this one's an editor fail.

  • by Ritz_Just_Ritz ( 883997 ) on Wednesday November 30, 2022 @02:13PM (#63091558)

    https://en.wikipedia.org/wiki/... [wikipedia.org]

    Top 5 "staffing agencies" for the world.

    India
    China
    Mexico
    Philippines
    Egypt

    By billions of US$ "imported" through remittances last year.

  • by Anonymous Coward

    A remittance based economy is a poor substitute for a real economy. But when all the young, motivated people leave for the US the origin nations fester on in subsistence. That's how a huge nation like Mexico with it's 110 million people and abundant natural resources remains a kleptocratic shit-hole for decades on end: the ambitious people capable of fixing it left.

    The worst thing the US does to the third world — after you get past all of the various forms of "imperialism", real or imagined

    • Steal? Really?

      Seems like their "youth" is leaving of their own accord, not being "stolen." If you want to retain the smart and the youth, then perhaps those countries ought to deal with the shit hole issues so that people want to stay, eh?

      Best,

      • by Anonymous Coward

        then perhaps those countries ought to deal

        They can't. They literally don't have anyone there to do it.

        Change is caused by a tiny minority of vigorous people. Revolutions are fought by only a few percent of the population. Everyone else spectates.

        The problem is the only people they have left after the those with the motivation to do something have gone to the US to mow lawns or found startups is spectators.

    • Smart people go where the opportunities are.

    • The U.S. isn't stealing anyone and if you forgot recent history we just had a president that campaigned heavily on trying to keep people out. Brain drain is an actual problem that can exist for a country, but we're not running off with scientists to develop a rocket program here. It's people voluntarily (obvious exception to people being trafficked for prostitution, etc.) choosing to immigrate for better opportunities. I'm thankful my ancestors did.
  • Statistics are meaningless without adjusting for inflation. A 5% increase with 7% inflation is likely not an increase.

  • Now compare to growth of inflation.

  • The headline could have been written as Remittances Grow 5% in 2022, because of Global Headwinds. More money being sent because family at home are doing it tough.

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