Word: bankes
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Dates: during 2000-2009
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...away insurance to strangers." he says. Some people exchange business cards but the group's careers are so diverse - at one point, an unemployed opera singer gives an impromptu performance - that for the most part, they just talk about the competitions and how little money they have in their bank accounts. (See the top 25 people to blame for the financial crisis...
...problem extends beyond the fate of individual workers. Migrants regularly send large chunks of their paychecks back home to support their families, providing much-needed capital to some of the world's poorest countries. The World Bank announced yesterday that these remittances to developing countries would likely shrink this year by 8%, after rising 9% in 2008 and 16% in 2007. Nieves Miguelita M. Yabao, from Demaguete City in the Philippines, came to the gambling mecca of Macau during that city's recent construction boom. But when she arrived, she discovered the job she had been promised working...
...estimates portend grim consequences: some 53 million people may fall below the poverty line if the financial crisis continues and remittances dip, according to the World Bank. In the Philippines alone, up to five million people are sustained by money the country's expatriate workforce - one of the world's most disparate and omnipresent - sends home. Some 10% of Bangladesh's total GDP, and 16% of Nepal's, comes from the remittances of pools of unskilled laborers working in Malaysia and the Gulf states. The economic impact of remittances is even higher in Central Asia, where entire villages send their...
...Shiladitya Chatterjee, an economist at the Asian Development Bank in Manila, says governments need to thrash out a regional system to deal with migrant grievances and to help stranded, indebted workers. "Asia only recently woke up to the importance of this invisible export," says Chatterjee about foreign workers. "There must be better regional cooperation...
...world, especially in Asia, is contracting faster than the global economy as a whole. When they met in Washington last November, G-20 leaders pledged to set their faces against protectionism and to revitalize the moribund "Doha Round" of talks on world trade liberalization. Since then, says the World Bank, no fewer than 17 of the G-20 member nations have adopted a variety of protectionist measures - and there's no sign of any movement on reviving the Doha talks. The summiteers can be depended upon to adopt some ringing denunciation of protectionism. How much it will mean, God knows...