South Asian Business news and information

In my earlier post titled Sri Lanka's widening Trade deficit, I talked about the trade deficit of Sri Lanka. The interesting thing is that although trade deficit increased significantly in Sri Lanka, the balance of payment is still in favor of the country simply because of remittance of $213 million in January 2006 being sent by the Sri Lankan workers living abroad. Remittance is also important for 3 other South Asian economies- India, Pakistan and Bangladesh. Remittance is helping them sustain their economies against the onslaught of free market economy.

 After the fall of the Soviet Union in 1991, foreign aid gradually started to decrease for the South Asian countries. Foreign aid has now less contribution in their annual budget than 15 years ago. Mainly because of increase in remittance has helped these countries to overcome this problem. Considering the significant role of remittance in South Asian economy, I will post all my entries of tomorrow about remittance.

 This blog is only 3 days old and it is yet to reach the target audience. In future, I will try to present real life stories of South Asian workers living in different parts of the world. If you are one of them or if know someone, don't hesitate to contact me.