Showing posts with label Spain. Show all posts
Showing posts with label Spain. Show all posts

Sunday, May 1, 2022

European Union: Fastest Growing Source of Remittances to Pakistan

Remittances from the European Union (EU) to Pakistan soared 49.7% in FY 21 and 28.3% in FY22, according to the State Bank of Pakistan. With $2.5 billion remittances in the first 9 months (July-March) of the current fiscal year, the EU ($2.5 billion) has now surpassed North America ($2.2 billion) to become the third largest source of inflows to Pakistan after the Middle East and the United Kingdom. Remittances from the US have grown 21%, second fastest after the EU (28.3%) in the first 9  months of the current fiscal year. 

Country-wise Remittance Inflows in Pakistan. Source: State Bank of Pakistan

Pakistanis in European Union: 

The population of Pakistan-born migrants to European Union countries has been growing in recent years. With over 120,000 Pakistani migrants, Italy is the most popular destination for Pakistanis in the EU. 

Italy is followed by Germany with 75,495 Pakistani migrants. Then comes Spain with 61,953 migrants, France 21,900 (2017), Sweden 11,674, Denmark 10,669, Ireland 7,351 (2016), Belgium 5,927, Portugal 5,310, Norway 5,157, Netherlands 4,723 and Austria 4,112. There are smaller populations of Pakistanis in several other European countries. 

Pakistan-born Migrants in European Union. Source: OECD

With $5.74 billion in the first 9 months of current fiscal year FY22, Saudi Arabia remains the top source of remittances to Pakistan, followed by $4.28 billion from the United Arab Emirates (UAE). However, the Saudi remittances are essentially flat while those from the UAE have declined 5.3% in this period.  Pakistani diaspora is sending home over $30 billion a year, about 10% of the country's GDP. It is badly needed foreign exchange to balance Pakistan's external accounts.  

Pakistanis in Italy. Source: Italian Government


Pakistan's Worldwide Diaspora:

Over 10 million Pakistanis are currently working/living overseas, according to the Bureau of Emigration. Before the COVID19 pandemic hit in 2020,  more than 600,000 Pakistanis left the country to work overseas in 2019. The average yearly outflow of Pakistani workers to OECD countries (mainly UK and US) and the Middle East has been over half a million in the last decade.  

Pakistan’s economy created 5.5 million domestic jobs during the past three years –on an average 1.84 million jobs a year, which is far higher than yearly average of creation of new jobs during the 2008-18 decade, according to the Labor Force Survey (LFS) published by the Pakistan Bureau of Statistics (PBS). 

Pakistan ranks 6th among the top worker remittance recipient countries in the world.  India and China rank first and second, followed by Mexico 3rd, the Philippines 4th, Egypt 5th and Pakistan 6th.  

Pakistan Demographics
Pakistan's Demographic Dividend: 

About two million Pakistanis are entering the workforce every year. The share of the working age population in Pakistan is increasing while the birth rate is declining. This phenomenon, known as demographic dividend, is coinciding with declines in working age populations in developed countries. It is creating an opportunity for over half a million Pakistani workers to migrate and work overseas, and send home record remittances. These overseas Pakistanis are now sending home over $30 billion a year, about 10% of the country's GDP. It is badly needed foreign exchange to balance Pakistan's external accounts.  

Projected Population Decline in Emerging Economies. Source: Nikkei Asia



Sunday, April 26, 2020

Will Coronavirus Pandemic End in Summer Months of May and June?

A study by researchers at a Singapore University predicts that the current coronavirus pandemic will end in the months of May and June. Specifically, the researchers forecast that 97% of the pandemic will end around May 11 in the United States, May 21 in India and June 8 in Pakistan.

Pakistan Coronavirus Case Curve. Source: Singapore University
Singapore Pandemic Model:

The authors of the Singapore study argue that, like other past pandemics, the current covid19 pandemic will follow a bell curve, essentially "a life cycle pattern from the outbreak to the acceleration phase, inflection point, deacceleration phase and eventual stop or ending". Here's an excerpt of the Singapore paper published by Jianxi Luo:

"Such a life cycle is the result of the adaptive and countering behaviours of agents including individuals (avoiding physical contact) and governments (locking down cities) as well as the natural limitations of the ecosystem. However, the pandemic life cycles vary by countries, and different countries might be in different phases of the life cycles at a specific point in time. For instance, on April 21, in Singapore, Prime Minister Hsien-Loong Lee announced the extension of circuit breaker to June 1 in response to the spikes of COVID-19 cases, on the same day when Prime Minister Giuseppe Conte announced Italy’s plan to reopen from May 4. Ideally such decisions and planning can be rationalized by well knowing where our own country (together with the world as a whole) is in its own pandemic life cycle, when the turning point is coming if it has yet come, and most importantly when the pandemic will end. The basis for such actionable estimation is the pandemic’s life cycle."

The study says that the cases in Pakistan are at or very near their peak while those in the United States are past their peak already. The model shows the US peak of daily infections count being more than 30 times higher than the peak in Pakistan.

There are many theories explaining why Pakistan and the rest of South Asia have fared much better than America and Europe. While it is true that the testing rates in South Asia are low compared to America and Europe, the percentages of people testing positive in South Asia are also low. Here are the numbers: India 4.36%, Bangladesh 11.43% and Pakistan 8.26%, Italy 12.69, US 19.55, France 34.09.

The explanations offered for low coronavirus infection rates in South Asia include more sunshine, higher temperature and humidity, younger demographics, universal BCG vaccinations etc.

US Government Sunlight Study: 

Preliminary results of a US Government study reveal that the sunlight quickly destroys COVID19, the novel coronavirus. The study found that the risk of “transmission from surfaces outdoors is lower during daylight” and under higher temperature and humidity conditions, according to Yahoo News. This latest work reinforces the conclusions of "Will Coronavirus Pandemic Diminish by Summer?", a recent paper written jointly by Pakistani and Indian researchers at Massachusetts Institute of Technology. Ultraviolet (UV) light, a component of sunlight, has long been known to be an effective disinfectant.

BCG Vaccination: 

A New York Institute of Technology study using data from 178 countries has concluded that both the incidence and mortality of COVID-19  are significantly lower in countries with BCG vaccination programs against TB.

Scientists do not have data yet on the effect of BCG vaccination on coronaviruses in general or SARS-CoV-2 in particular, according to Reuters. There are also many BCG vaccines, with different capacities to protect against various TB strains. Scientists need to determine which BCG vaccines might have the best ability to boost the innate immune system to fight COVID-19.  Scientists say it will take several months to get results from ongoing trials testing the BCG vaccine against COVID-19.

Heat and Humidity: 

A paper titled "Will Coronavirus Pandemic Diminish by Summer?" written by Dr. Qasim Bukhari and Dr. Yusuf Jamil explains that "several countries between 30N and 30S such as Australia, UAE, Qatar, Singapore, Bahrain, Qatar and Taiwan have performed extensive testing per capita and the number of positive 2019-nCoV cases per capita are lower in these countries compared to several European countries and the US".  "The relation between the number of 2019-nCoV cases and temperature and absolute humidity observed here is strong however, the underlying reasoning behind
this relationship is still not clear", they write.

Young Population:

Median age in Pakistan is 22.8 years. Only 3.4% of Pakistanis are 65 years or older, compared to 25% of Italy's population. People 65 and over are the most vulnerable to coronavirus infections and poor outcomes.

“Countries with younger populations should have a different epidemic curve because of the age effect, especially for deaths due to Covid-19,” says Dr. Madhukar Pai, director of Global Health at McGill University in Canada, according to The Print.  Younger people have mild or asymptomatic infection and, over time, they will protect others through herd immunity,



US Coronavirus Case Curve. Source: Singapore University

Summary:

A Singapore study of the current coronavirus pandemic predicts that the summer months of May and June will bring significant relief.  Specifically, the researchers forecast that 97% of the pandemic will end around May 11 in the United States and June 8 in Pakistan.   The model shows the US peak being more than 30 times higher than the peak in Pakistan. There are many theories explaining why Pakistan and the rest of South Asia have fared much better than America and Europe. While it is true that the testing rates in South Asia are low compared to America and Europe, the percentages of people testing positive in South Asia are also low. Here are the numbers: India 4.36%, Bangladesh 11.43% and Pakistan 8.26%, Italy 12.69, US 19.55, France 34.09.   The explanations offered for low coronavirus infection rates in South Asia include more sunshine, higher temperature and humidity, younger demographics, universal BCG vaccinations etc.

Related Links:

Friday, April 24, 2020

Coronavirus Pandemic Humbles World’s Great Powers

Covid19 pandemic has brought the world to its knees. It has humbled some of the most powerful nations on earth. It has paralyzed the global economy. It is believed to have started in China, the newest superpower. 

Coronavirus has so far infected nearly 3 million people globally. It has ravaged the United States, the reigning superpower, as well as its rich and powerful allies in Western Europe.  The United States leads the world with a million infections so far and over 50,000 deaths.

It has not spared developing nations like Iran and Turkey either. And it is now threatening to spread to the rest of the developing world in Asia, Africa and Latin America.

Coronavirus has so far infected nearly 12,000 and killed 253 people in Pakistan.

This pandemic is a reminder to all that lethal pathogens are a huge common threat to all of humanity.

Recently, I participated in a wide ranging discussion on coronavirus’ origins, impact, conspiracy theories, lockdown & plans to reopen business and economy.

Please watch it below:

 https://youtu.be/q5PapZgyI0s





Related Links: