FINANCIAL INCLUSION STRATEGY FOR MIGRANT WORKERS
|
|
- Douglas Jackson
- 6 years ago
- Views:
Transcription
1 FINANCIAL INCLUSION STRATEGY FOR MIGRANT WORKERS Triono Widodo Directorate of Economic and Monetary Statistic BANK INDONESIA THE WORLD BANK INTERNATIONAL WORKSHOP ON: Jakarta Shangri-la Hotel, December 9-10, 2009
2 2 Outline A. Macro Facts - - Global Migration and Remittance Pattern - Indonesia Labor Market Issues - Indonesia Migrant Workers (IMWs) - Remittances and its Role B. Bank Indonesia Survey on Remittances - Why should BI conduct survey? - Major findings C. Finance Acess for IMWs: Challenges and Policies - Facts and Challenges (supported by Bank Indonesia Survey findings) - Policies undertaken
3 A. MACRO FACTS 3
4 4 Indonesia s Balance of Payments ITEMS * 2009 Q1* Q2* I. CURRENT ACCOUNT 10,859 10, ,722 2,907 1,739 A. Goods, net (Trade Balance) 29,660 32,754 22,916 6,908 8,410 7,796 - Exports, fob. 103, , ,606 24,204 28,175 31,735 - Imports, fob. -73,868-85, ,690-17,297-19,765-23,939 B. Services, net -9,874-11,841-12,999-2,620-2,983-3,162 C. Income, net -13,790-15,525-15,155-2,688-3,720-4,071 D. Current transfers, net 4,863 5,104 5,364 1,122 1,200 1,176 II. CAPITAL & FINANCIAL ACCOUNT 3,025 3,593-1,876 1,886-2,230 2,996 A. CAPITAL ACCOUNT B. FINANCIAL ACCOUNT 2,675 3,045-2,170 1,867-2,259 2, Direct investment 2,188 2,253 3, Abroad -2,726-4,675-5,900-1,251-1, In Indonesia (FDI) 4) 4,914 6,928 9,318 2,094 1, Portfolio investment 4,277 5,567 1,721 1,859 1,959 3, Other Investment -3,790-4,775-7, , III. TOTAL (I+II) 13,885 14,086-1,748 4, ,735 IV. NET ERRORS & OMISSIONS 625-1, ,189 V. OVERALL BALANCE (III+IV) 14,510 12,715-1,945 3,955 1,052 3,546 VI. RESERVES AND RELATED ITEMS 7) -14,510-12,715 1,945-3,955-1,052-3,546 A. Changes Transaction of Reserve Assets -6,902-12,715 1,945-3,955-1,052-3,546 B. Use of Fund Credit and Loans -7, Purchases Repurchases -7, Memorandum: Reserve Assets Position 8) 42,586 56,920 51,639 54,840 57,576 62,287 (In Months of Imports & Official Debt Repayment) ) Including privatization and banking restructuring 7) Negative represents surplus and positive represents deficit. Since the first quarter of 2004, changes in reserve assets only cover data on changes due to transaction. 8) Based on Gross Foreign Asset concept replacing Official Reserve concept since 1998 and based on International Reserve and Foreign Currency Liquidity (IRFCL) concept since * Provisional figures Q3*
5 5 Current Transfer ITEMS * CURRENT TRANSFERS, NET 4,863 5,104 5,364 1,122 1,200 1,176 - Inflow 6,079 6,801 7,352 1,722 1,779 1,759 - Outflow -1,216-1,697-1, General government Inflow Outflow Other sectors 4,841 4,924 5,175 1,118 1,186 1,156 - Inflow 6,057 6,621 7,163 1,718 1,766 1,739 - Outflow -1,216-1,697-1, Workers' remittances 4,500 4,833 5,206 1,164 1,220 1, Inflow 5,560 6,004 6,618 1,568 1,652 1,603 o/w Stock of Indonesia Migrant Workers (thou. people) 4,679 4,337 4,445 4,420 4,394 4, Outflow -1,060-1,171-1, Other transfers Inflow Outflow * Provisional figures 2009 Q1* Q2* Q3*
6 6 Macroeconomic Indicators GDP and Inflation IDR: Foreign Exchange 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Jan-86 Apr-87 Jul-88 Oct-89 Jan-91 Apr-92 Jul-93 Oct-94 Jan-96 Apr-97 Jul-98 Oct-99 Jan-01 Apr-02 Jul-03 Oct-04 Jan-06 Apr-07 Jul-08 Oct-09 Rp/USD Q GDP Inflasi % (y.o.y)
7 * In the last four decades, it has been structural changes in Indonesia s BOP. Pre-crisis, lower BOP surplus was in line with persistent current account (CA) deficit. Post crisis, CA becoming surplus caused by significant drop of import as a result of Rupiah depreciation and economic contraction. Structural change caused acceleration of reserve assets. 7 million USD 20,000 15,000 10,000 Indonesia s Balance of Payment ( *) Current Account Capital & Financial Accout Overall Balance Reserve Assets (RHS) CA deficit CA surplus million USD 60,000 50,000 40,000 5,000 0 (5,000) (10,000) 30,000 20,000 10,000 (15,000) Pre crisis Post crisis 0
8 Jan Jan Jan Jan Jan * Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan Jan Jan Jan-04 Jan Jan Jan Jan-08 Jan * 8 The ability of Indonesia external sector to absorb external shock tends to improve.... Current account surplus supported by adequate reserve assets. Million USD 20,000 15,000 Current Account Official Reserves (RHS) Million USD 60,000 50,000 (%) and decreasing external debt burden DSR% Debt/eksport G&S Debt/GDP WB treshold = 220% 10,000 40, , ,000 30,000 20,000 10, WB treshold = 80% WB treshold = 20% -10,000 0 helped mitigate the impact of external shock on exchange rate. Rp/USD 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
9 Global Migration and Remittance Pattern 9 The movement of migrant workers around the world tent to increase as well as global remittances. Global Remittance Flows in 2008 * (in billions of USD) e Global WR inflows 131, , , , , , , , ,086 o/w developing country 83,545 94, , , , , , , ,591 *Remittance flows include workers remittances (WR), compensation of employee (CoE), dan migrant transfers; Recipient Countries of Remittance in 2008 (Global) Recipient Countries of Remittance in 2008 (Asia Pacific) in billions of USD India China Mexico Philippines France in billions of USD China Philippines Indonesia Thailand Vietnam Source: World Bank
10 Global Migration and Remittance Pattern 10 In South East Asia region, Philippines is the largest recipient of WR, followed by Vietnam, Indonesia and Thailand. 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Millions USD e Indonesia Malaysia Philippines Thailand Vietnam Source: World Bank and Bank Indonesia
11 Indonesia Labor Market-Issues 11 - Supply of labor force outnumbered economy absorption. Unemployment rate averagely at 7.96 % for the last 10 years. - Domestic wages far below than destination country Labor Force Wage Gap to Destination Country (USD) million (10) % Country Informal Formal Professional Malaysia Singapore Hong Kong South Korea Saudi Arabia Indonesia* 84 (35) (60) (85) Labor Force (left side) GDP (right side) Unemployment (right side) Source: Survei of Angkatan Kerja Nasional (SAKERNAS), BPS-Statistics Indonesia *Average Standard Minimum Wage (2009)
12 Indonesia Migrant Workers (IMWs) 12 As of 2008, IMWs stock 4.4 million people and the remittance reached USD6.6 billion. Thousand Mill of USD 5,000 7,000 4,500 6,000 4,000 3,500 5,000 3,000 4,000 2,500 2,000 3,000 1,500 2,000 1, , Stock (left side) WR (right side) Sumber: Bank Indonesia
13 Remittance on BOP 13 WR continues support Current Account with inflows on average around USD1.5 billion for each quarter (Millions USD) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q WR Inflow Current Account (net)
14 Remittances Role 14 -WR keep rising and play more significance role as alternative external sources Year Level Growth Rate Remittances as % of: (in US$ Bil) (%) GDP FDI Services, Official Inc & CT Aid ,489 18% ,699 14% , % ,560 5% ,004 8% ,618 10%
15 B. BANK INDONESIA SURVEY ON REMITTANCES 15
16 Why should BI conduct the survey? 16 To improve statistics quality on IMWs remittances and contribute to remittances policy formulation Background: BI is the only Balance of Payment statistics compiler in Indonesia, and one of BOP items is Workers Remittances (WR). Currently, estimation on Remittance is based on. It requires updated condition on remittance pattern Socio economic consequences of remittances is interesting Purpose of study: Gaining updated data/information on IMWs remittances pattern, in order to improve estimation on remittance inflow in BOP statistics. Investigating the impact of IMWs remittance on socio economy. Investigating relevance issues in purpose to suggest or build up implemented policies from related institutions.
17 17 Domination IMWs figures: female, married, ages years old, & poor education level Gender & Marital Status Respondent s Age 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 1.2% Not Attending School 31% Male 69% Single Married 23% Background Education 33.7% 5.1% Elementary school 31.1% 2.3% 0.9% Junior high school Graduated 23.7% Senior high school Not graduated Female 77% 1.1% 0.6% Diploma University 30% 25% 20% 15% 10% 5% 0% 1.5% 15.9% 27.4% 22.3% 17.4% 10.9% 3.0% 1.4% and more (years of age) Source: National Survey on IMWs Remittance Pattern Bank Indonesia
18 Reasons working abroad & type of job 18 - Primarily is to get higher income - Type of Job: Formal sector (mostly in South East Asia) and Informal Sector (mostly in East Asia & Middle-East) Reason working abroad Type of job - region Get higher income Collecting capital to open new business Additional income for family Limited job 29.5% 29.0% 25.1% 78.5% 100% 90% 80% 70% 60% 1% 1% 1% 8% 63% 32% Professional Offered by family, friends, or neighbourhood Offered by PJTKI/PPTKIS 17.8% 8.1% 50% 40% 30% 66% 91% Formal Informal Get some experiences Others 4.5% 3.7% 20% 10% 0% 36% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% South-East Asia East Asia Middle-East Source: National Survey on IMWs Remittance Pattern Bank Indonesia
19 Preparation and placement 19 Information on job opportunity abroad is primarily from relatives/friends and sponsor, while role of local government labor agency limited Source: National Survey on IMWs Remittance Pattern Bank Indonesia
20 < > Most of IMWs received wage on the range of USD per month. - Percentage of salary sent home is less than 50% of the wages - Salary received Remittance pattern 30% 25% 20% 15% 10% 5% 5% 25% 28% 12% 9% 4% 3% 5% 3% 6% 60% 50% 40% 30% 20% 50% 44% 40% 36% 20% 34% % 10% (monthly wage-us$) 0% Informal Formal Profesional Source: National Survey on IMWs Remittance Pattern Bank Indonesia
21 C. FINANCE ACCESS FOR INDONESIA MIGRANT WORKERS: CHALLENGES AND POLICIES 21
22 FACTS AND CHALLENGES 22
23 1. What s? Remittances transmitted through banks, as reported by BI s monthly banking reporting system, looks relatively low (22% of the overall WR inflow) and its stable during the last three years. Cash remittances via banks has not significantly improved for the last three years. 23 (Millions of USD) e WR 5,296 5,560 6,004 6,618 6,429 Remittance Chanel Via Banks 1,118 1,146 1,102 1,636 1,590 Via Non Banks 4,178 4,414 4,902 4,982 4,839 Type of Job IMW Formal 1,801 1,779 2,065 2,212 2,139 IMW informal 2,807 3,058 3,198 3,687 3,514 IMW profesional Since 2008, remittances through the bank are reported on monthly Banking Reporting System (LKPBU)
24 24 Surprisingly, field survey revealed 82% of respondent survey remittance was mostly done through banking services (82%). Remitter to Indonesia Non Bank 18.1% Bank 81.9% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
25 25 - Most workers who did not use banking services made remittance through friends (46%) - The rest other formal channels: post office, money changer & remittance agent The list remitter (non-bank ) Trust to a friend, relative or neighbour 46.4% Money remittance operator 28.3% Money Changer 22.9% Remittance agent 4.8% Trust to PPTKIS 0.9% Employer 0.9% 0% 10% 20% 30% 40% 50% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
26 0, ,5 1, ,5 2, ,5 7, > 50 Remittance cost - Transfer cost varied & uncompetitive (USD3 - USD8) per transfer 26 Transfer cost Problems in remittances in host country 30% 25% 26% 22% Bank Non Bank High expenses The distance of bank location 36.6% 34.1% 20% 15% 18% 14% 16% Difficult to obtain permission from employer Strick administration requirement 15.9% 23.2% 10% 5% 0% 8% 1% 3% 3% 3% 3% 2% 1% 11% 9% 9% 7% 8% 6% 6% 3% 3% 1% 2% 1% 2% 1% 1% Cheated by employers Unable to write Fear of being suspected by Authorities 1.2% 3.7% 6.1% 0% 10% 20% 30% 40% US$ Source: National Survey on IMWs Remittance Pattern Bank Indonesia
27 Time Received Remittances Time received transfer was 4-5 days, & bank s money transfer faster than non bank 27 Time received remittances Problems in remittances in home country (Indonesia) Days Frequent late arrivals of remittances 80.7% 4,80 Average 4,79 Incorrect bank account number 20.7% 4,73 Complicated procedure to withdrawal 9.3% 4,69 Bank account is closed 1.4% 4,66 The distance of bank location 0.7% 4,59 ID Cards have expired 0.7% Bank Non Bank 0% 10% 20% 30% 40% 50% 60% 70% 80% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
28 Banking services 28 The main reason for IMWs does not send their money through the bank due to limited information and knowledge The complexity of banking procedure 40.1% IMW doesn't understand about remittance procedure via banks The distance of bank location 24.7% 28.6% The remittance fee is more expensive 14.3% trust the money to a friend, relative or neighbour 11.8% IMW doesn't have legal documents 3.8% The amount of money to be transferred is small 1.7% Afraid of getting caught by police 1.4% 0% 10% 20% 30% 40% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
29 2. What is the Bank role on financing IMWs preparations? 29 Mostly is using IMWs own money (58%), or combine with other sources Source of financing PJTKI/ PPTKIS 9% Share by PPTKIS and the worker 6% Partly borrowed from PPTKIS 7% All borrowed by PPTKIS 20% All paid by worker 58% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
30 2. What is Bank role on financing IMWs preparations? 30 The sources of own money (with the share 58% in previous page), mostly come from money lender. Composition of own financing Other Loan 20% Own Money 9% Bank Loan 17% Co-operative Society Loan 13% Sponsor/ Agent Loan 14% Money Lender/Loan Shark 18% Friends/ Family/ Neighbourho od Loan 9% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
31 3. What are the expected Bank roles for Returning IMWs? 31 In addition to simplifying the withdrawal of remittances, returning IMWs expects to have loan access to develop small business after returning home Simplify the withdrawal of remittances 45.0% Offer working capital loans to post employment workers 23.8% Provide loan for departure preparation 16.3% Provide money management 16.3% 0% 10% 20% 30% 40% 50% Source: National Survey on IMWs Remittance Pattern Bank Indonesia
32 4. What types of training are expected by IMWs? Most of respondents expects to have a training in entrepreneurship and fashion design 32 Entrepreneurship 40.1% Fashion Food Making 15.6% 19.6% Foreign Language skill Blue collar skill (carpenter, construction, etc) Mechanics training Agriculture Financial management Electronics Cattle farming Computer 9.9% 7.9% 7.4% 5.9% 4.6% 3.9% 2.4% 2.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
33 POLICIES 33
34 Policies launched by Bank Indonesia. 34 BI various policies towards migrant workers (direct/indirectly): on banking, payment system, statistics, enrichments,... BANKING SECTOR, focus on banking customer education incl. to migrant workers (under Indonesian Banking Architecture) PAYMENT SYSTEM SECTOR, focus on mapping remittance services provider before requesting them to register its business operation RESEARCHS and STATISTICS, conducting regular field survey and macro-micro researchs OTHER, involving enrichment program for pre returning IMWs abroad on the money management and entrepreneurship
35 1. Policy on Banking Sector 35 One pillar of Indonesian Banking Architecture is EDUCATION Healthy B anking S truc ture S ound, strong, and efficient banking system to create financial system stability for promotion of national economic growth E ffec tive R eg ulatory S ys tem Independent and E ffec tive S upervis ory S ys tem S trong B anking Indus try Adequate Infras truc ture R obus t C ons umer P rotec tion Programs under Pillar 6 1. Product Transparency 2. Complaint Mechanism 4. Education 3. Dispute Resolution P illar 1 P illar 2 P illar 3 P illar 4 P illar 5 P illar 6
36 Policy to Educate on Banking Banking Education Working Group Established by leading commercial & rural banks, leading non-bank credit card issuer, and associations of banks and credit card issuer, facilitated by Bank Indonesia Bound by the commitment to conduct financial education in concurrence with the Indonesian Banking Architecture program Signed by all members on June 14 th 2007, witnessed by all members and consumer organization Output: The Blueprint for Banking Customer Education; Education materials (i.e. brochures, pocket book and comics banking product s and services); Other supporting materials (i.e. logo, jingle, jargon & trainer).
37 1. Policy to Educate on Banking Banking Education for Migrant Workers I. Conducted under the coordination of the Coordinating Ministry for Economic Affairs (other members: Ministry of Finance, BNP2TKI, BI, BNI, BRI, Bank Mandiri, BCA, Insurance Association, etc): - Pre-employment and post-employment workshops on banking education including remittances; - Migrant workers related workshops on banking education and remittances for institutions; - Financial education implementation (2008): Indonesia NTB and Mataram Blitar, Malang and Surabaya Indramayu and Cilacap Jakarta Malaysia in Johor Baru
38 1. Policy to Educate on Banking Banking Education for Migrant Workers II. Conducted under The Tokyo Commitment under Bank Indonesia Tokyo Representative Office Coordination: 1. Post Arrival Orientation) entrepreneurship program & web site ( 2. Post Return Job Training in progress Develop entrepreneurship ex-migrant worker Attachment (YDBA); Forum discussion: license & funding, and regional potential product. 3. Consultation Regular enrichment and workshop for migrant workers in Japan (Kenshusei) focusing on money management, remittances, entrepreneurship and drafting work contract; Big Event banking education workshop for migrant workers (Tokyo, Osaka and Hong Kong); Consultation by for all migrant workers with WGTT (Working Group for Technology Transfer)- proposal & other information
39 39 2. Policy on Payment System Sector 1. Managing and regulating the business of non bank remittance service provider 2. Simplifying registration process: - at any BI s offices (head or regional offices) - no charges - minimal requirements - 2 year transition period 3. Publishing registered remitters through BI s website ( gara.htm) and giving Registration Mark
40 THANK YOU 40
AsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY November 6 Key Developments in Asian Local Currency Markets Japan s real gross domestic product (GDP) growth accelerated to.% quarter-on-quarter in the third quarter (Q) of 6 from.%
More informationGlobalization GLOBALIZATION REGIONAL TABLES. Introduction. Key Trends. Key Indicators for Asia and the Pacific 2009
GLOBALIZATION 217 Globalization The People s Republic of China (PRC) has by far the biggest share of merchandise exports in the region and has replaced Japan as the top exporter. The largest part of Asia
More informationTable 1. Nepal: Monthly Data for Key Macroeconomic Indicators.
Table 1. : Monthly Data for Key Macroeconomic Indicators. 1 1 Year-on-year change, in percent Oct Nov Dec FY to date Oct Nov Dec FY to date Oct Nov Dec FY to date ( months) ( months) ( months) Inflation
More informationChapter 5: Internationalization & Industrialization
Chapter 5: Internationalization & Industrialization Chapter 5: Internationalization & Industrialization... 1 5.1 THEORY OF INVESTMENT... 4 5.2 AN OPEN ECONOMY: IMPORT-EXPORT-LED GROWTH MODEL... 6 5.3 FOREIGN
More informationEnhancing Access to Finance for Migrant Workers in Indonesia:
CONFERENCE EDITION Enhancing Access to Finance for Migrant Workers in Indonesia: Evidence from a Survey of Three Provinces EXECUTIVE SUMMARY Public Disclosure Authorized Public Disclosure Authorized Public
More informationCharting Indonesia s Economy, 1H 2017
Charting Indonesia s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published
More informationState of Remittance and Balance of Payment in Nepal
Economic Literature, Vol. XI (15-19), June 2013 State of Remittance and Balance of Payment in Nepal Gorakh Raj Ojha * ABSTRACT Foreign employment of Nepali workers is viewed as a potential source of foreign
More informationFact Sheet MIGRATION, REMITTANCE AND FEMALE MIGRANT WORKERS
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized MIGRATION, REMITTANCE AND FEMALE MIGRANT WORKERS By: Chitrawati Buchori and Mia Amalia
More informationCharting Australia s Economy
Charting Australia s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationHAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues
HAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues Regional Economic Prospects May 2018 Stronger growth momentum: Growth in Q3 2017 was the strongest since Q3 2011
More informationKurshed Alam CHOWDHURY Director General BMET
SINGLE YEAR EXPERT MEETING ON MAXIMIZING THE DEVELOPMENT IMPACT OF REMITTANCES Geneva, 14 15 February 2011 MAXIMIZING THE DEVELOPMENT IMPACT OF REMITTANCES IN BANGLADESH By Kurshed Alam CHOWDHURY Director
More informationUnited Nations Economic and Social Commission for Asia and the Pacific (ESCAP) A. INTRODUCTION
FOLLOW-UP ACTIVITIES RELATING TO THE 2006 HIGH-LEVEL DIALOGUE ON INTERNATIONAL MIGRATION AND DEVELOPMENT United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) A. INTRODUCTION As
More informationFigure 1. Nepal: Recent Fiscal Developments
Figure 1. : Recent Fiscal Developments Strong revenue growth combined with subdued capital spending kept the budget in surplus the past years. Fiscal Performance Revenue Capital expenditure 1 Current expenditure
More informationNASIR IQBAL & SAIMA NAWAZ. Pakistan Institute of Development Economics (PIDE) Pakistan
NASIR IQBAL & SAIMA NAWAZ Pakistan Institute of Development Economics (PIDE) Pakistan Financial crisis has adversely affected international labor demand and even caused lay offs 59 million workers have
More informationARANGKADA PHILIPPINES 2010: A BUSINESS PERSPECTIVE. Figure 10: Share in world GDP,
Living in the High Growth Neighborhood The Philippines is located in the world s fastest growing region. Figure 10 shows that the ASEAN-6 plus 4 (China, India, Japan, and Korea) in 2009 had about the same
More informationCharting Cambodia s Economy
Charting Cambodia s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationREMITTANCE PRICES W O R L D W I D E
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized REMITTANCE PRICES W O R L D W I D E PAYMENT SYSTEMS DEVELOPMENT GROUP FINANCIAL AND PRIVATE
More informationDollarization in Ecuador. Miguel F. Ricaurte. University of Minnesota. Spring, 2008
Dollarization in Ecuador Miguel F. Ricaurte University of Minnesota Spring, 2008 My name is Miguel F. Ricaurte, and I am from ECUADOR and COSTA RICA: And I studied in Ecuador, Chile, and Kalamazoo, MI!
More informationCharting Philippines Economy, 1H 2017
Charting Philippines Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published
More informationRegional Economic Context and Economic Trends in Ukraine
Regional Economic Context and Economic Trends in Ukraine Konstantine Kintsurashvili June 2017 ECONOMIC PROSPECTS: EBRD REGION 2 Growth in the EBRD region is to pick up in 2017 and 2018 In 2017-18, EBRD
More informationPolicy Challenges for Armenia in the context of Recent Global and Regional Shocks
Policy Challenges for Armenia in the context of Recent Global and Regional Shocks Teresa Daban Sanchez IMF Resident Representative to Armenia November, 215 Outline Global Environment Outlook of the CCA
More informationEconomic Trends Across the Asia Pacific Region. Pansy Yau Deputy Director of Research
Economic Trends Across the Asia Pacific Region Pansy Yau Deputy Director of Research 2 Rebalancing of the World Economy % 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 Share of world total GDP (PPP)
More informationConcept note. The workshop will take place at United Nations Conference Centre in Bangkok, Thailand, from 31 January to 3 February 2017.
Regional workshop on strengthening the collection and use of international migration data in the context of the 2030 Agenda for Sustainable Development Introduction Concept note The United Nations Department
More informationTowards the 5x5 Objective: Setting Priorities for Action
Towards the 5x5 Objective: Setting Priorities for Action Global Remittances Working Group Meeting April 23, Washington DC Massimo Cirasino Head, Payment Systems Development Group The 5x5 Objective In many
More informationDeputy Governor Bangko Sentral ng Pilipinas
Leveraging Remittances for Development: The Philippine Experience DIWA C. GUINIGUNDO Deputy Governor Bangko Sentral ng Pilipinas 1 04 October 2009 2009 Small States Forum on Remittances Istanbul Congress
More informationCharting South Korea s Economy, 1H 2017
Charting South Korea s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published
More informationAPPENDIXES. 1: Regional Integration Tables. Table Descriptions. Regional Groupings. Table A1: Trade Share Asia (% of total trade)
1: Regional Integration Tables The statistical appendix is comprised of 10 tables that present selected indicators on economic integration covering the 48 regional members of the n Development Bank (ADB).
More informationFourth High Level Dialogue on Financing for Development. United Nations, New York, March 2010.
The impact of the current financial and economic crisis on foreign direct investment and other private flows, external debt and international trade in emerging market economies Fourth High Level Dialogue
More informationGERMANY, JAPAN AND INTERNATIONAL PAYMENT IMBALANCES
Articles Articles Articles Articles Articles CENTRAL EUROPEAN REVIEW OF ECONOMICS & FINANCE Vol. 2, No. 1 (2012) pp. 5-18 Slawomir I. Bukowski* GERMANY, JAPAN AND INTERNATIONAL PAYMENT IMBALANCES Abstract
More informationIs Economic Development Good for Gender Equality? Income Growth and Poverty
Is Economic Development Good for Gender Equality? February 25 and 27, 2003 Income Growth and Poverty Evidence from many countries shows that while economic growth has not eliminated poverty, the share
More informationBADAN PUSAT STATISTIK KEPALA BADAN PUSAT STATISTIK 1
www.bps.go.id BADAN PUSAT STATISTIK KEPALA BADAN PUSAT STATISTIK 1 INDONESIA DURING THE GLOBAL ECONOMIC CRISIS: 2008 2009 HOW DEEP THE IMPACT? ISTANBUL, TURKEY MARCH 2010 BPS Statistics Indonesia 2 BPS
More information2017 Update to Leaders on Progress Towards the G20 Remittance Target
2017 Update to Leaders on Progress Towards the G20 Remittance Target Remittances represent a major source of income for millions of families and businesses globally, particularly for the most vulnerable,
More informationKeys to a Sustainable Development Path
Keys to a Sustainable Development Path Prof. Shigeru T. OTSUBO GSID, Nagoya University Topic 1 The Evolution of a Development Paradigm Revolutions and & the Evolution of Economic Systems This part was
More informationINTRODUCTION The ASEAN Economic Community and Beyond
1 INTRODUCTION The ASEAN Economic Community and Beyond The ten countries of Southeast Asia Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam are achieving
More informationTrade led Growth in Times of Crisis Asia Pacific Trade Economists Conference 2 3 November 2009, Bangkok. Session 13
Trade led Growth in Times of Crisis Asia Pacific Trade Economists Conference 2 3 November 2009, Bangkok Session 13 Trade-Led Growth in Times of Crisis Bangkok, 02-03 November 2009 Lim Sovannara UNDP Asia
More informationInternational Migrant Stock: estimates and dissemination. Pablo Lattes Migration Section, Population Division - DESA United Nations, New York
International Migrant Stock: estimates and dissemination Pablo Lattes Migration Section, Population Division - DESA United Nations, New York Chisinau, Moldova, 8-9 September 2014 The international migrant
More informationGlobal Development Finance 2003
Global Development Finance 2003 Striving for Stability in Development Finance Washington DC April 2 nd, 2003 Outline Update on global economy Near-term trends in financial flows to developing counties
More informationEmerging Market Consumers: A comparative study of Latin America and Asia-Pacific
Emerging Market Consumers: A comparative study of Latin America and Asia-Pacific Euromonitor International ESOMAR Latin America 2010 Table of Contents Emerging markets and the global recession Demographic
More informationLecture III South Korean Economy today
Lecture III South Korean Economy today Lecture 3: South Korean Economy - Current Status and Issues in the future South Korean Economy: Current Status 1 Korean Economy with Numbers GDP (PPP based) S. Korea
More informationFinancial literacy training is provided to equip migrant workers and their families with the skills and knowledge to manage
Background (GLWLRQ1R$SULO 7KLUG5RXQGRIWKH3LORW3URJUDPRQ)LQDQFLDO/LWHUDF\ IRU,QGRQHVLDQ2YHUVHDV0LJUDQW:RUNHUVDQG7KHLU)DPLOLHV Financial literacy program presented in a training format is a way to provide
More informationPresentation. Bangladesh s Experience during the Crisis: Lessons Learnt and Challenges
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationWestern Balkans Countries In Focus Of Global Economic Crisis
Economy Transdisciplinarity Cognition www.ugb.ro/etc Vol. XIV, Issue 1/2011 176-186 Western Balkans Countries In Focus Of Global Economic Crisis ENGJELL PERE European University of Tirana engjell.pere@uet.edu.al
More informationCambodia During Economic Integration Issues and Challenges
Cambodia During Economic Integration Issues and Challenges February 2007 Neou Seiha EIC Researcher 1 Contents 1. Evolution Cambodian Trade Policy 2. Cambodian Economic Situation during Integration 3. Challenges
More informationOnline Appendices for Moving to Opportunity
Online Appendices for Moving to Opportunity Chapter 2 A. Labor mobility costs Table 1: Domestic labor mobility costs with standard errors: 10 sectors Lao PDR Indonesia Vietnam Philippines Agriculture,
More informationIndonesia and The Implementation of ASEAN Economic Community
Indonesia and The Implementation of ASEAN Economic Community International Business Management Esther Kezia Simanjuntak 3099190 ABSTRACT Asean Economic Community (AEC) 2015 is a free market realization
More informationEconomic Implications of Remittances and Migration
Economic Implications of Remittances and Migration Dilip Ratha World Bank 2 nd Intl. Conference on Migrant Remittances London November 13, 2006 Migration Remittances Remittances are the most tangible and
More informationFigure 1. Nepal: Recent Macro-Economic Developments
Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Aug- Figure. : Recent Macro-Economic Developments Real GDP growth is estimated at. percent in /. Growth rebounded to. percent
More informationISSUES and CHALLENGES for the ASIA and PACIFIC REGION. by Charles E. Morrison, East-West Center
ISSUES and CHALLENGES for the ASIA and PACIFIC REGION by Charles E. Morrison, East-West Center East Asian Population People (millions) 1800 1600 1400 1200 1000 800 600 400 200 0 1950 1975 2000 2025 2050
More informationToward Inclusive Growth in Indonesia : Improving Trade and Employment
Toward Inclusive Growth in Indonesia : Improving Trade and Employment Guntur Sugiyarto*) Asian Development Bank Conference on Trade and Employment in a Globalized World. Jakarta, Indonesia, 1-11 Desember
More informationMapping Africa s allure. Goolam Ballim* May
Mapping Africa s allure Goolam Ballim* May 211 +27-11-636-291 Goolam.Ballim@standardbank.co.za 1 Page 1. 2 2. 5 3. Political 7 4. 9 5. 11 6. 15 7. 19 2 3 Economic growth has been widespread, and inclusive
More informationASIAN CURRENCY CRISES IMPACT ON THAILAND, INDONESIA& SOUTH KOREA
ISSN: 2394-277, Impact Factor: 4.878, Volume 5 Issue 1, March 218, Pages: 79-88 ASIAN CURRENCY CRISES IMPACT ON THAILAND, INDONESIA& SOUTH KOREA 1 Rohan Regi, 2 Ajay S. George, 3 Ananthu Sreeram 1, 2,
More informationRISING GLOBAL MIGRANT POPULATION
RISING GLOBAL MIGRANT POPULATION 26 INTERNATIONAL MIGRANTS HAVE INCREASED BY ABOUT 60 MILLION IN THE LAST 13 YEARS and now total more than 230 million equivalent to the 5th most populous country in the
More informationOverview. Main Findings. The Global Weighted Average has also been steady in the last quarter, and is now recorded at 6.62 percent.
This Report reflects the latest trends observed in the data published in September. Remittance Prices Worldwide is available at http://remittanceprices.worldbank.org Overview The Remittance Prices Worldwide*
More informationIntroduction to World Trade. Economia Internacional I International Trade theory August 15 th, Lecture 1
Introduction to World Trade Economia Internacional I International Trade theory August 15 th, 2012 Lecture 1 Free Trade Free Trade occurs when a government does not attempt to influence, through quotas
More informationGCC An Overview on Economic Trends Dr. Nasser Saidi Chief Economist, DIFC Authority
GCC An Overview on Economic Trends Dr. Nasser Saidi Chief Economist, DIFC Authority 6 th Annual Conference on Trade Treasury and Cash Management in the Middle East Dubai, 12 March 2008 Sub-Prime Blues
More informationFigure 1. Nepal: Recent Macro-Economic Developments
May- May- May- May- Figure. : Recent Macro-Economic Developments Real GDP growth is estimated at. percent in /. Growth rebounded to. percent in /, after a slump due to the earthquakes and trade disruptions.
More informationCharting Singapore s Economy, 1H 2017
Charting Singapore s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published
More informationHow the East Grew Rich
China Development Bank Financial Research Centre How the East Grew Rich by Lawrence J. Lau Working Paper No. 11 December 213 Institute of Global Economics and Finance The Chinese University of Hong Kong
More informationInternational Travel and Migration: March 2011
International Travel and Migration: March 2011 Embargoed until 10:45am 04 May 2011 Highlights In March 2011 compared with March 2010: Visitor arrivals (215,600) were down 11 percent. Fewer visitors arrived
More informationThe Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen
The Impact of the Global Economic Crisis on Central and Eastern Europe Fourth Central European CEMS Conference Warsaw, February 25, 211 Mark Allen Senior IMF Resident Representative for Central and Eastern
More informationMigrant Protection Approach: Study on Protecting Indonesian Migrant Worker. By: Dhoni Yusra, INDONUSA Esa Unggul School of Law Jakarta-INDONESIA
Migrant Protection Approach: Study on Protecting Indonesian Migrant Worker By: Dhoni Yusra, INDONUSA Esa Unggul School of Law Jakarta-INDONESIA A. Background. Because of globalization, the dramatic expansion
More informationREMITTANCE COST REDUCTION EFFORTS: RECENT TRENDS AND PROJECT UPDATES UPDATES FROM THE WORLD BANK
REMITTANCE COST REDUCTION EFFORTS: RECENT TRENDS AND PROJECT UPDATES UPDATES FROM THE WORLD BANK KEY MESSAGES Renewed commitments to reducing costs of and increasing access to remittance services and complementary
More informationGLOBAL ECONOMIC CRISIS & GENDER EQUALITY THREATS, OPPORTUNITIES AND NECESSITIES
GLOBAL ECONOMIC CRISIS & GENDER EQUALITY THREATS, OPPORTUNITIES AND NECESSITIES ICA Gender Equality Committee Seminar: Global Crisis: Gender Opportunity? 17 November 2009 Eva Majurin COOPAfrica, ILO Dar
More informationThe Demographic Profile of Saudi Arabia
Infant mortality rate (per 1 live births) UNITED NATIONS The Demographic Profile of Saudi Arabia Population Trends - Mortality - Fertility - Age Structure - Urbanization - International Migration - Education
More informationLABOUR MIGRATION IN ASIA ROLE OF BILATERAL AGREEMENTS AND MOUs
LABOUR MIGRATION IN ASIA ROLE OF BILATERAL AGREEMENTS AND MOUs ILO presentation at the JIPLT workshop on International Migration and Labour Market in Asia, Tokyo, 17 February 2006 By Piyasiri Wickramasekara
More informationRemittances and the Macroeconomic Impact of the Global Economic Crisis in the Kyrgyz Republic and Tajikistan
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized China and Eurasia Forum Quarterly, Volume 8, No. 4 (2010), pp. 3-9 Central Asia-Caucasus
More information05 Remittances and Tourism Receipts
5 Remittances and Tourism Receipts 58 n Economic Integration Report 217 Remittances and Tourism Receipts Remittance Flows to Remittances are an important and stable source of external finance. Along with
More informationExternal migration. Executive summary
21/4 7 March 21 External migration Executive summary New Zealand s permanent and long-term migrant flows have oscillated between positive and negative net figures over the last 4 years, with a net gain
More informationExpanding the Number of Semi-skilled and Skilled Emigrant Workers from Southeast Asia to East Asia
December 2007 TDRI Quarterly Review 3 Expanding the Number of Semi-skilled and Skilled Emigrant Workers from to Yongyuth Chalamwong Sujittra Rodsomboon * 1. INTRODUCTION Globalization links East and n
More informationGrowth, Investment and Trade Challenges: India and Japan
Growth, Investment and Trade Challenges: India and Japan October 31, 2017 Shujiro URATA Waseda University Outline 1. Economic Growth: Japan and India 2. Foreign Trade and Investment 3. India Japan EPA
More informationOverview of Main Policy Issues on Remittances
Overview of Main Policy Issues on Remittances Presentation at the WBI Conference on Capital Flows and Global Imbalances, Paris, April 6, 2006 Piroska M. Nagy Senior Banker and Adviser Main points I. Salient
More information2010/SOM1/EC/WKSP/004 Session 1. Starting a Business. Submitted by: World Bank
2010/SOM1/EC/WKSP/004 Session 1 Starting a Business Submitted by: World Bank Workshop on Reducing Start-up and Establishment Time of Businesses Hiroshima, Japan 1-2 March 2010 Starting a Business : Asia
More informationMIGRATION BETWEEN THE ASIA-PACIFIC AND AUSTRALIA A DEVELOPMENT PERSPECTIVE
MIGRATION BETWEEN THE ASIA-PACIFIC AND AUSTRALIA A DEVELOPMENT PERSPECTIVE by Graeme Hugo University Professorial Research Fellow Professor of Geography and Director of the National Centre for Social Applications
More informationAdvanced Passenger Information: Sharing Data for Effective Border Control that Support Tourism Growth in the Asia-Pacific
2013/HLPD-TF/010 Session 2 Advanced Passenger Information: Sharing Data for Effective Border Control that Support Tourism Growth in the Asia-Pacific Purpose: Information Submitted by: Philippines High
More informationUNDERSTANDING TRADE, DEVELOPMENT, AND POVERTY REDUCTION
` UNDERSTANDING TRADE, DEVELOPMENT, AND POVERTY REDUCTION ECONOMIC INSTITUTE of CAMBODIA What Does This Handbook Talk About? Introduction Defining Trade Defining Development Defining Poverty Reduction
More informationInequality in Indonesia: Trends, drivers, policies
Inequality in Indonesia: Trends, drivers, policies Taufik Indrakesuma & Bambang Suharnoko Sjahrir World Bank Presented at ILO Country Level Consultation Hotel Borobudur, Jakarta 24 February 2015 Indonesia
More informationGLOBALISATION AND ASIAN YOUTH
GLOBALISATION AND ASIAN YOUTH by Graeme Hugo Federation Fellow, Professor of Geography and Director of the National Centre for Social Applications of GIS, The University of Adelaide Paper presented at
More informationRemittances from Overseas Indians: Modes of Transfer, Transaction Cost and Time Taken*
Remittances from Overseas Indians: Remittances from Overseas Indians: Modes of Transfer, Transaction Cost and Time Taken* This study, based on a sample survey of the bank branches across the major centres
More informationMark Allen. The Financial Crisis and Emerging Europe: What Happened and What s Next? Senior IMF Resident Representative for Central and Eastern Europe
The Financial Crisis and Emerging Europe: What Happened and What s Next? Seminar with Romanian Trade Unions Bucharest, November 2, 21 Mark Allen Senior IMF Resident Representative for Central and Eastern
More informationWorkers Remittances. Dilip Ratha. An Important and Stable Source of Development Finance. Poverty Day October 16 th, 2003
Workers Remittances An Important and Stable Source of Development Finance Dilip Ratha Poverty Day October 16 th, 2003 Outline 1. Rising importance of workers remittances 2. Pros and Cons 3. Policy issues
More informationProcedia - Social and Behavioral Sciences 109 ( 2014 ) The East Asian Model of Economic Development and Developing Countries
Available online at www.sciencedirect.com ScienceDirect Procedia - Social and Behavioral Sciences 109 ( 2014 ) 1168 1173 2 nd World Conference On Business, Economics And Management - WCBEM 2013 The East
More informationChina Development Bank Financial Research Centre. The Chinese Economy: Myths and Realities
China Development Bank Financial Research Centre The Chinese Economy: Myths and Realities by Lawrence J. Lau Working Paper No. 1 July 21 Institute of Global Economics and Finance The Chinese University
More informationMarket Openness & The Labor Market
Market Openness & The Labor Market ADB-ILO-OECD Joint Conference: Trade and Employment in a Globalized World 10-11 December 2012 International Collaborative Initiative on Trade and Employment Niny Khor,
More informationTo be opened on receipt
Oxford Cambridge and RSA To be opened on receipt A2 GCE ECONOMICS F585/01/SM The Global Economy STIMULUS MATERIAL *6373303001* JUNE 2016 INSTRUCTIONS TO CANDIDATES This copy must not be taken into the
More informationCurrent Situation and Outlook of Asia and the Pacific
Current Situation and Outlook of Asia and the Pacific Dr. Aynul Hasan, Chief, DPS, MPDD Dr. M. Hussain Malik, Chief, MPAS, MPDD High-level Policy Dialogue Macroeconomic Policies for Sustainable and Resilient
More informationTechnology Transfer for Infrastructure Development in Nepal
The Second NEA-JC Workshop on Current and Future Technologies October 12, 2008 Tokyo, Japan Technology Transfer for Infrastructure Development in Nepal Surya Raj Acharya, PhD Senior Research Fellow Institute
More informationEXPORT-ORIENTED ECONOMY - A NEW MODEL OF DEVELOPMENT FOR THE REPUBLIC OF MOLDOVA
EXPORT-ORIENTED ECONOMY - A NEW MODEL OF DEVELOPMENT FOR THE REPUBLIC OF MOLDOVA Corina COLIBAVERDI Phd student, Academia de Studii Economice a Moldovei Boris CHISTRUGA Univ. Prof., dr.hab., Academia de
More informationThe North Wind Doth Blow: U.S. Recession Brings Turbulence to the Mexican Economy Presented to: Maquiladora Industry Outlook Conference May 16, 2008
The North Wind Doth Blow: U.S. Recession Brings Turbulence to the Mexican Economy Presented to: Maquiladora Industry Outlook Conference May 16, 2008 Presented by: Rafael Amiel, Ph.D. Managing Director,
More informationThe Asian Development Bank. Transportation Infrastructure in Asia and the Pacific
The Transportation Infrastructure in Asia and the Pacific NCSL Legislative Summit July 22-26, 2008 New Orleans, Louisiana Transportation Committee North American Representative Office (ADB) July 2008 1
More informationQuarterly Report on Remittance Inflows: July-September
Quarterly Report on Remittance Inflows: July-September 2018 1 Bangladesh Bank Research Department External Economics Division 1 Comments on any aspects of the report are highly welcome and can be sent
More informationRETURNED MIGRANTS AND REMITTANCES ALLEVIATING POVERTY: EVIDENCE FROM MALANG, EAST JAVA
205 Pratomo, D. S., Jayanthakumaran, K. (2018). Returned Migrants and Remittances Alleviating Poverty: Evidence from Malang, East Java. Economics and Sociology, 11(1), 205-217. doi:10.14254/2071-789x.2018/11-1/13
More informationDeployment of women migrant workers from selected ASEAN Member States,
Deployment of women migrant workers from selected ASEAN Member States, -14 The International Labour Migration Statistics (ILMS) Database for ASEAN Tripartite Action for the Protection and Promotion of
More informationCurrent Situation and Outlook of Asia and the Pacific
ESCAP High-level Policy Dialogue Ministry of Finance of the Republic of International Economic Summit 2013 Eleventh Bank Annual International Seminar Macroeconomic Policies for Sustainable Growth with
More informationThailand at a Glance. Belgian Economic Mission to Thailand Information Session. Arkhom Termpittayapaisith
Thailand at a Glance Belgian Economic Mission to Thailand Information Session Arkhom Termpittayapaisith Secretary-General Office of the National Economic and Social Development Board (NESDB) Monday 18
More informationPrincipal Trade Negotiator Ministry of Economy, Trade and Industry Senior Fellow Research Institute of Economy, Trade and Industry October 19, 2011
Trade patterns and global value chains in East Asia: From trade in goods to trade in tasks (IDE-JETRO/WTO joint publication) Michitaka Nakatomi Principal Trade Negotiator Ministry of Economy, Trade and
More informationYouth labour market overview
1 Youth labour market overview Youth aged 15-24 account for more than 17 million of the overall 92.3 million Filipino population i. With the 25-29 age group, the young generation in the Philippines comes
More information3 1-1 GDP GDP growth rate Population size Labor force Labor participation rate Employed population
INDEX Overview: Thailand 2 1 Economy 3 1-1 GDP 3 1-2 GDP growth rate 5 2 Population 6 2-1 Population size 6 3 Labor force and the related statistics 9 3-1 Labor force 10 3-2 Labor participation rate 12
More informationOutlook for migration and remittances
Outlook for migration and remittances 2012-15 Dilip Ratha World Bank November 27, 2012 Development Prospects Group (DECPG) BBL Washington, D.C. Outline Cyclical trends for 2012-15 Long-term structural
More informationLevels and trends in international migration
Levels and trends in international migration The number of international migrants worldwide has continued to grow rapidly over the past fifteen years reaching million in 1, up from million in 1, 191 million
More informationChina ASEAN Relations: Opportunities and Challenges for Development
Rising Powers Workshop 1 Beijing, 15-16 July 2010 China ASEAN Relations: Opportunities and Challenges for Development Prof. Dr. Dang Nguyen Anh Vietnam Academy of Social Sciences (VASS) ASEAN The Association
More information