SDG8, decent work and economic growth

#FamilyRemittances2030

Promote sustained, inclusive
and sustainable economic growth,
full and productive employment
and decent work for all

 

How remittance families contribute to the goal

  • Money held by remittance-receiving families and migrants’ savings in host countries improve financial resources available to the general economy.
    This capital can be maximized when coupled with financial and entrepreneurial services.
  • Migrant workers possess tremendous assets: knowledge, skills and networks. Returnee migrants bring back home a wealth of experiences and talents that can be channeled for their communities’ betterment.
  • In terms of development impact, migrants’ investment in micro, small or medium enterprises effectively generates employment and income in local communities.

 

Recommended actions

Asset-building and savings

  • Recognize that the financial inclusion of tens of millions of remittance families represents a major opportunity to multiply economic impact in individual households, communities and the financial system as a whole.
  • Create incentives for the private sector to expand adapted services linked to remittances and offer savings products to a large underserved population.
  • Promote financial education as a central pillar of financial inclusion to stimulate the uptake of financial services by migrant workers, refugees and their families.

Diaspora investment

  • Acknowledge the transformative effect of diaspora investment and recipients’ savings on their livelihoods and communities, stimulating employment and income-generating opportunities, with the highest impact in rural areas
  • Expand and adapt financial and entrepreneurship development services to allow migrant workers to invest directly or through investment vehicles into SMEs in their home countries.