They play an important role in the lives of people all around the world.  Someone that is close to you probably sends them regularly.  You might know a friend or a family member who has to budget for them every month. What are they?

Remittances are moneys sent by a foreign worker to his or her home country. Millions of migrants around the world send billions of dollars in remittances each year to their families or communities of origin. Why exactly are remittances important?  In many developing nations, remittances are a crucial source of family and national income and also are the largest source of external financing  in some countries. Remittances are more impactful than foreign aid because they go directly into the hands of the poor. Recipients depend on remittances to cover day-to-day living expenses, keep a cushion against crises, or make minor investments in business and education.

Just how much money is being sent abroad? This October, the World Bank reported that developing countries are going to receive remittances worth $414 billion this year.  India is the top receiving country with $71 billion, followed by China, the Philippines, Mexico and Nigeria. These numbers are only expected to grow even more throughout the coming years, especially in light of recent news. On November 15^th, Western Mutual Malaysia introduced a new money transfer channel which allows people to send money straight to bank accounts in India. If similar services are put into place in other countries, remittances would become an even more important part of the global economy.

Some have argued that remittances may actually do more harm than good, but Gabriel Zinny explains in more detail why what’s good for the world is good for you and me. Do you agree? Tell us what you think in the comments below.

Take a break from stressing over finals this week and unwind with Kid President.

There’s probably a “Made in China” sticker on most of the products that you own. After all, China is the world’s largest manufacturer of goods. There is, however, a potential new contender for this position. You may have never heard of Burma, officially known as Myanmar. Burma has made headlines over the last few years for its human rights concerns and its numerous reforms. After half a century of virtual inactivity, Burma has declared that it’s open for business. Nearly every sector in Myanmar is starved for investment, but the country faces innumerable obstacles if it wants to nurture foreign and local businesses. Will the Burmese government step up to the challenge?

Burma sits in Southeast Asia with China, India, and Thailand as a few of its neighbors. For the past 50 years, the country has been under military rule in near total isolation. However, dramatic changes over the last few years have started to turn things around. In addition to making various political reforms, President Thein Sein has begun to liberalize the economy and open its doors to foreign investors. The United States responded favorably by easing some of the various sanctions and trade bans that had been in effect for years.

What does all this mean for the average Burmese citizen? Demand for consumer goods has exploded over the last two years since the announcement and all kinds of products have flooded the Burmese economy. Foreign companies will no doubt be able to find a market in Burma for their products. “Burma has a wealth of needs,” says Senior Commercial Service Officer Mike McGee, a government expert. “After 50 years of stagnation and isolation, pretty much everything that the country and the people desire is in need of updating or introducing. So you have a huge opportunity there for everything from consumer goods to infrastructure to medical equipment.”

Burma still has many hurdles to overcome if it wants to be an economic powerhouse like China. According to the U.S. Department of Commerce’s International Trade Administration and the BBC, corruption, ongoing racial violence, and weak infrastructure are just some of the issues hindering Burma from reaching its true potential. The legal and regulatory environment is also problematic, primarily because it’s so old that there may as well be none at all. McGee writes, “There are so many areas where the legislation is 50 to 100 years old, and for a better part of the last 40, 50 years, it hasn’t been enforced.”

With all these challenges, it could take years for the business environment to blossom. But if the Burmese government can handle these challenges appropriately over the next decade, foreign companies will find it increasingly difficult to avoid investing in Burma. Keep your eyes peeled for that “Made in Burma” sticker on your iPhone10.

Maybe you’re majoring or minoring in economics or finance. Or perhaps you’re looking to study abroad, but you’re not sure where to go. Have you ever thought about Costa Rica? The Weisman Center’s Study Abroad Office is offering a winter intersession study abroad program that could be just what you’re looking for. The program is called “Costa Rica: The Economics of the Environment, Business, Culture and Global Sustainability.” Last winter, Economics professor Christine Farias took a group of CUNY students on this program to Costa Rica where they learned about sustainability from local small business owners and experienced first-hand how sustainability is practiced by Costa Rican farmers. For most of the students who took the plunge, it was an experience that they won’t soon forget.

Why Costa Rica? You don’t have to be seeking a career in sustainable business to enjoy two weeks of balmy Central American weather. Whether or not sustainability is part of your future career goals, you will be bound to develop a newfound appreciation for the environment around us. Plus, it’s a great experience to mention at interviews. Moreover, the program will count as an upper-level elective towards a degree in economics or finance. If this is starting to sound like a great way to spend the winter intersession, read on.

The 14-day program was prefaced by an entire semester’s worth of preparation. Throughout the semester, students attended a series of lectures introducing them to the economic theories behind sustainable development, tourism and cash crops vital to the Costa Rican economy. A sustainability retreat in October gave the team a taste of what they were going to experience over the winter intersession. Professor Farias took the class to upstate New York where students witnessed the effects of fracking on local businesses and spoke with members of the community who were impacted by the practice. One week into December, the intrepid students had their tickets booked and their group projects completed. On January 6^th their two-week journey began.

In Costa Rica, the group traveled to several different regions of the country to visit plantations and businesses, hear from lecturers, and understand the culture. At EARTH University in Guacimo, for example, students were able to see for themselves how farmers and business owners minimized and reused waste products to create a truly self-sustaining operation. Throughout their stay in Costa Rica, Professor Farias and her students had countless opportunities to immerse themselves in the local culture and examine how sustainable business practices change the way a community interacts with its environment. From the rainforests of Manzanillo to the farming communities of Yorkin, last year’s Costa Rica program taught students everything they wanted to know about sustainability—and much more.

The program is open to all CUNY students and may be used to satisfy major or minor requirements for Baruch students who are studying economics. Start planning today; the application deadline is September 1^st.  For more information, read the course brochure. Also, check out this article by Baruch student Shehab Chowdhury for more details on how students spent their stay in Costa Rica.