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The surprising link between migration and global growth

The economic impact of remittances is significant in the Philippines and its capital city, Manila.
By thowardqz
Published Last updated This article is more than 2 years old.

Hikmet Ersek, CEO of Western Union, shares insights from the World Economic Forum in Davos, Switzerland, on how the movement of people and money around the world is fueling global growth.

Hikmet Ersek has a distinctive perspective on the global economy. As CEO of Western Union, he stands at the helm of a company that processed 29 transactions a second in 2013 across 200 countries and territories. In his role, Ersek is able to see early shifts in global migration patterns and changes in global currencies. The impact of remittances is extraordinary.

In fact, a new study demonstrates the positive impact Western Union’s services have on society: cross-border, cross-currency money transfer that can serve as an economic engine, creating 722,500 jobs in the Philippines alone. While at Davos, Ersek was engaged in many powerful conversations, including dialogues about international mobility, growth, education and equality of opportunity, themes he recently wrote about for the World Economic Forum agenda.

For more from Western Union’s CEO Hikmet Ersek, follow him on Twitter: @WesternUnionCEO. For updates on Western Union follow: @WUNewsroom.

This article was produced by Western Union and not by the Quartz editorial staff.

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