Remittance woes will transfer from poor to rich

The pain of shrinking remittances will be shared. From tech engineers in Silicon Valley to construction crews in the Arabian Gulf to domestic helpers in Lebanon, the global economic slump and accompanying job losses could fall by a record sum, lopping a fifth off some $700 billion sent home annually by such workers, according to the Pew Research Center. That money is a lifeline for poorer nations, which will be hit first. Richer countries should expect to suffer too. Read the complete article HERE.