In 2020, approximately 250 million migrant workers worldwide collectively sent $702 billion in remittances back to family and friends in their home countries every week or every month, according to the World Bank. These workers were a lifeline to loved ones who rely on those funds to buy groceries, pay for education and purchase medicine. That doesn’t only benefit receivers but also the countries into which those funds flow. In some nations, disbursements sent home by workers abroad make up more than half of the annual GDP.
Unfortunately, these workers often aren’t given the respect they deserve as important contributors to the global economy, Western Union President and CEO Hikmet Ersek told Karen Webster in a recent conversation.
“Without that money, there wouldn’t be homes, shops, hospitals or schools,” he noted.
Ersek said that the foreign worker sending $300 a week home is punching well above their weight class,…