12 Oct 2021
It’s an economist’s conundrum: global capital, instead of flowing from rich countries to poor countries, actually moves in the other direction. Each year hundreds of billions of dollars leave developing countries and land in the coffers of rich countries like Switzerland.
An “unprecedented” $160 billion (CHF149 billion) – about the same amount as the gross domestic product (GDP) of Hungary – was allocated last year by developed countries to Official Development Assistance (ODA), the Organisation for Economic Co-operation and Development (OECD) said in April.
With an average $120 billion spent each year, ODA spending has doubled since 2000.
By Pauline Turuban, SWI swissinfo.ch, 11 October 2021
Read more at SWI swissinfo.ch
RiskScreen: Eliminating Financial Crime with Smart Technology
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet