Entrepreneurship and development: Lessons from International Migration

Although the current globalization process has contributed to wealth creation and helped millions of people escape poverty, the gap between the rich and the poor has not decreased much, and in many cases, economic inequality is even increasing. under emerging countries, a large segment of the global population continues to live under difficult economic, social, and political circumstances. Many people have left their home country in quest of better job opportunities as a result of these realities, and there are a number of consequences from this international movement. The remittances that migrants send home to their home countries are the most significant of the many repercussions of international migration. Remittances' role in developing countries' economic expansion has drawn a lot of attention lately. Numerous scholars and institutions have conducted comprehensive studies to ascertain the quantity of remittances and their utilization by migrant households in the recipient nations. The remittances that are saved in banks and other financial institutions can enhance the amount of credit that is available in the country that receives the remittances and can finance entrepreneurs, both of which have a beneficial effect on development. When migrants or members of their household invest the remittances in successful companies, the influence on development does grow. In light of this, the current study explores many facets of international remittances and their contribution to entrepreneurship and development.