Dilip Ratha: The hidden force in global economics: sending money home

The speaker shares their personal journey from a village in India to the U.S., highlighting the role of remittances in supporting families and economies globally. They discuss the significant impact of remittances, which surpass development aid, and the challenges faced due to high transfer costs and recruitment fees. The speaker suggests solutions like reducing costs and leveraging diaspora savings for development. They conclude with reflections on identity and the importance of remittances in empowering people.

What inspired the speaker to pursue higher education in the United States?

• Financial help from an aunt

• A scholarship from the government

• A job offer in the U.S.

• A desire to become a poet

How many international migrants are there in the world according to the speaker?

• 413 million

• 232 million

• 500 million

• 180 million

Which country received the largest amount of remittances last year, according to the speaker?

• Egypt

• Tajikistan

• India

• Mexico

What is the average cost of sending money globally, as mentioned by the speaker?

• 5%

• 8%

• 12%

• 20%

What is one of the main barriers to remittances mentioned by the speaker?

• Lack of banking facilities

• Government restrictions on migration

• High cost of sending money

• Lack of internet access

What innovative solution does the speaker suggest for reducing remittance costs?

• Reducing internet costs

• Encouraging more migration

• Creating a nonprofit remittance platform

• Increasing government aid

What is the average recruitment fee paid by a Bangladeshi construction worker, according to the speaker?

• $2,000

• $1,000

• $4,000

• $5,000

What is the estimated annual savings of migrants worldwide?

• $200 billion

• $300 billion

• $500 billion

• $400 billion

What does the speaker suggest could be done with diaspora savings?

• Build infrastructure in home countries

• Support local charities

• Invest in local businesses

• Provide scholarships for students

Why does the speaker continue to send money home despite no urgency?

• To support his family

• To stay connected with his roots

• To invest in local businesses

• To pay off debts