World Bank Estimates 2006 Remittances to Reach $199 Billion

The World Bank's Development Prospects Group, Migration and Remittances Team put together an interesting brief that is useful to us on the IPM team and everyone involved in the world remittance market.

An interesting observation from the brief is the following quote:

"Recorded remittances sent home by migrants from developing countries are expected to reach $199 billion in 2006, up from $188 billion in 2005, and more than double the level in 2001."

The gigantic sums involved in world remittances are of interest to developing countries who, with the correct systems in place, can harness the power of remittance transactions to fund development at all levels of the economy and empower the "Base of the Pyramid" (BOP) to self fund and rise into a viable and productive class bringing prosperity to the entire country.

Base of the Pyramid

This is exactly why we at International Personnel Management, LLC are here. IPM is here to serve the Bottom of the Pyramid (BOP) for the betterment of all.

The following is an excerpt from the Multilateral Investment Fund site:

The Base of the Pyramid

The consumer market at the base of the pyramid (BOP) – approximately 350 million people in Latin America and the Caribbean region – represents an attractive yet underserved population for which private companies could develop new products and services. As developed economies constitute a continually smaller share of the global economy and become even more saturated, the related changes in worldwide consumption habits will represent significant opportunities for strategic private companies.

This is not about providing the same, existing products and services that have been developed for the top of the economic pyramid and simply marketed to the poor, but rather a new business approach that seeks to develop new products or services adapted to the needs of the BOP at an affordable price.