Except for Bhutan Maldives, remittance sent by workers abroad plays an important part in the economies of 5 other countries of
In one of my entries, I talked about the South Asian Population. If you have already read it then you should know that the population of
I like to turn your attention to a recent news item that Malaysia canceled visas for some 55,000 Bangladeshi jobseekers. In 2008,
The second news item that you should read is- Kuwait expat workforce in first fall since 1990.
So, it is just all bad news all the way at this moment. I am an optimistic person and I always try to see the silver lining behind every cloud. So, I am trying to present some silver linings to the recession.
The first positive thing that may happen is that many workers will come back and they will bring a lot of saving money. I mean that they will bring all their wealth and it can generate a lot of extra money in short term for all these economies. If the governments can handle this extra foreign exchange then it can help them to fight against the recession in a better way.
These workers have been habituated to work extremely hard in very harsh conditions. So, they will bring some valuable experience with them. The workers work in developed countries and they have exposure to developed economies. This is also a valuable experience.
Most of these migrant workers hail from rural areas and after they come back to their own villages, some of them will surely try to start some ventures and this can contribute to the development of some villages. On the other hand, some highly educated people are coming back from Europe and North American countries and this can be a good blessing for some big cities of
To be honest with you, I feel that the return of migrant workers may help to slow down the process of consumerism that has plagued almost all the South Asian countries in the last one decade. Easy money comes from abroad and this destroys the social balance. Capitalism is good, free market is even perhaps better but consumerism is a curse when the money comes without any effort. It is true that the migrant workers work in very harsh conditions but when they send the money back to their families and relatives, this money is rarely spent in a wise manner after productive sectors.
I talked about the possible silver linings but I would like to add one thing that the governments of these countries will really have to try to channel the money and the returning workers to productive sectors. The governments should extend all out support to these workers.
What is your idea about this crisis?
(This entry was originally published in March 2009 but it got deleted for technical problem. I am again posting it here today.)