📈 The 1997 Asian Financial Crisis exchange rate shocks led to a six-fold increase in migrant income over time in Philippine provinces, boosting domestic income and education.

💰 Interestingly, 74.9% of these long-run income gains came from domestic income growth, not directly from migrant income.

📚 Educational investments accounted for 19.7% of the long-run income gains, indicating international migration fosters broader economic development in origin communities.

#Economics #Migration #Development

🌍 The income gap between the global North and South has widened dramatically, increasing by 170-270% since 1960, according to a new ICTA-UAB study published in New Political Economy.

📉 The study debunks the "Great Convergence" narrative, finding that the core economies have captured 4-10 times more income growth than the periphery since 1960, with minimal relative convergence, except for China.

📈 Outside of China, the relative economic position of the periphery has actually deteriorated, and the share of the world population living in the periphery has increased from 80% in 1960 to 86% in 2023.

📉 The neoliberal era of the 1980s and 1990s intensified inequality, with severe and prolonged economic contractions in regions like Latin America, the Middle East & North Africa, Eastern Europe & Central Asia, and Sub-Saharan Africa.

#GlobalInequality #Development #Economics