While often overlooked as just small change, remittances to developing countries have significant social and economic impact. Economist Dilip Ratha, a migrant, himself, from India to the United States two decades ago and now a manager at the World Bank, says that these financial inflows are “dollars wrapped with care” because the money is used to pay for health care, housing, food, education, and business investments.
But there is a dark side to remittances—namely the high cost of international money transfers. Watch this thought-provoking TED Talk, recorded in October, 2014 at TEDGlobal 2014 in Rio de Janeiro, Brazil, to better understand the importance of remittances and how making them safer and cheaper can further enable the sharing of prosperity between places.
Dilip Ratha is the Lead Economist, Migration and Remittances and head of KNOMAD. His work with the World Bank focuses on migration, remittances and diaspora bonds. He is a global finance leader bringing innovative technology and public policy together to build a better future for the developing world. His TED Talk has been viewed over 1.3M times.
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