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Sunday, 26 May 2013 7:56 am
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WB finally digs out financial crisis solution
ISLAMABAD - ‘Removing restrictions on human mobility may reduce global financial crisis’
Removing restrictions on human mobility may help enhance financial flows among nations and alleviate some of the adverse effect of the global financial crisis 2008-9, says Word Bank (WB).
According to a new book on migration and remittances, published by the Bank, with migrant workers projected to remit about $399 billion to their home countries during 2012, compared to $372 billion in 2011, remittances are the most tangible link between migration and development.
“Despite worsening employment prospects and anti-immigration rhetoric in some destination countries, the global financial crisis of 2008-09 has not sent migrant workers streaming back home,” says the Book.
In fact, migrants may have mitigated some of the pain of the crisis as they tend to work for lower wages, receive fewer benefits and rely relatively little on the state, says the ‘Migration and Remittances during the Global Financial Crisis and Beyond’ book.
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