World Bank- Migration and Development Brief

The World Bank’s latest Migration and Development Brief highlights India’s significant position as the top remittance recipient, drawing attention to the evolving dynamics in the remittance landscape.

The latest Migration and Development Brief reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.

The brief is a biannual report.
Prepared by – The Migration and Remittances Unit, Development Economics (DEC). the premier research and data arm of the World Bank.
Released by – World Bank.
Objectives – To provide the information about migration and remittance flows and related policies over the past 6 months and to provide medium-term projections of remittance flows to developing countries. It also presents recent developments on the Global Compact on Migration (GCM).

Key highlights of the recent report:

- The top five remittance recipient countries in 2023 are India ($125 billion), Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24 billion).
- The United States continued to be the largest source of remittances.
- Remittances to low- and middle-income countries (LMICs) grew by an estimated 3.8 per cent in 2023, reaching a total of USD 669 billion.
- Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries played a pivotal role in supporting migrants’ ability to send money home.
- The Middle East and North Africa saw a decline in remittance flows for the second consecutive year, mainly driven by a sharp drop in flows to Egypt.
- Remittance flows to Europe and Central Asia also decreased by 1.4 percent after a significant gain in 2022.
- The report suggests a potential risk of a decline in real income for migrants in 2024 due to global inflation and low growth prospects.
- A special section of the report emphasises the potential of leveraging remittances for development finance, particularly through diaspora bonds. The report says diaspora bonds can be structured to tap into diaspora savings held in foreign destinations, providing a stable source of funds.

Recommendation – To leverage remittances for development finance, particularly through diaspora bonds to tap into diaspora savings held in foreign destinations. It emphasized on the need for inclusive labour markets and social protection policies to sustain remittance flows.

Source:

Join Our Telegram

Noma Disease

Dhangar Community in Maharashtra

Oceanic Anoxic Event 1a and MASS EXTINCTION

25 Dec, 24
SHARE

Oceanic Anoxic Event 1a from the Paris Basin (Environment) Paper-3 PMP OAE 1a refers to a period during the Cretaceous Period (145 million years ago and ended 66 million years ago) when Earth's oceans became depleted of oxygen, causing a significant disruption in marine life. Cause: The event is believed to have been

Viksit Panchayat Karmayogi (Good governance)

26 Dec, 24
SHARE

Viksit Panchayat Karmayogi (Good governance) Governance GS PAPER-2 PMP Dr. Jitendra Singh launched the ‘Viksit Panchayat Karmayogi’ initiative on Good Governance Day, celebrated to mark the 100th birth anniversary of former Prime Minister Atal Bihari Vajpayee. The initiative, which is part of the broader ‘Prashasan Gaon

Major programmes to control Air Pollution

23 Dec, 24
SHARE

Major programmes to control Air Pollution National Clean Air Programme? It was launched by the Ministry of Environment, Forests and Climate Change (MoEFCC) in January 2019. It is the first-ever effort in the country to frame a national framework for air quality management with a time-bound reduction target. The

Air pollution and Air quality Measures in India

21 Dec, 24
SHARE

Air pollution and Air quality Measures in India (Environment) GS Paper-3 P-M-P Air pollution may be defined as the presence of any solid, liquid or gaseous substance including noise and radioactive radiation in the atmosphere in such concentration that may be directly and/or indirectly injurious to humans or other l

Geopolitical Significance of Ports

20 Dec, 24
SHARE

Geopolitical Significance of Ports (IR) Act as geopolitical assets: Ports enhance the projection of strategic reach, which helps strengthen the country’s control over important sea and energy supply routes. E.g. Indian Navy’s staging base at Agalega Islands will enable marine patrols