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World Bank’s Latest Migration And Development Brief

World Bank’s Latest 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.

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.