Every dollar counts in shrinking the Gap

■"Emerging-market indicators: Remittances," The Economist, 26 November 2005, p. 116.

Great data point from The Economist: Remittances from ex-pat workers back to emerging markets and developing countries totals $167 billion this year. This is the equal of foreign direct investment in these countries (basically Gap + New Core, in their categorization scheme) and twice the value of Official Developmental Aid from the Old Core, or West.

Moreover, it's estimated that maybe this number is low, with 50% more coming in money flowing through informal channels not tracked.

The leaders? India and China and Mexico and Philippines (three New Core and the Seam State with the highest percentage of its labor working abroad)d

Fascinating stuff that shows that individuals matter a lot in shrinking the Gap.