SDG8, decent work and economic growth

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

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.