Sunday, August 19, 2007

Migrant Cash Is World Economic Giant

Interesting story about immigrants and their money:
"Experts tracking the phenomenon told The Associated Press they have gotten a much clearer picture since the 9/11 attacks, when authorities trying to cut the flow of cash to jihadists began taking a harder look at how immigrants move their money around. Mass migration, they say, has spawned an underground economy of staggering proportions. Globally, remittances -- the cash that immigrants send home -- totaled nearly $276 billion in 2006, the World Bank says. Remittances have more than doubled since 2000, and with globalization increasing the numbers of people on the move, there's no end in sight. If these guest workers incorporated as a company, their migrant multinational would rank No. 3 on the Fortune 500 list, trailing only Wal-Mart and Exxon Mobil in annual revenue."
Immigrants want the same thing world-wide: to have a better life for themselves and their families. It really is that simple.

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