Migration and Development Briefs are prepared by the Migration and Remittances Unit, Development Economics (DEC). The brief aims to provide an update on key developments in the area of migration and remittance flows and related policies over the past six months. It also provides medium-term projections of remittance flows to developing countries. A special topic is included in each brief. The brief is produced twice a year.
Aga, Gemechu Ayana; Eigen-Zucchi, Christian; Plaza, Sonia; Silwal, Ani Rudra
Officially recorded remittance flows to
developing countries reached an estimated $401 billion in
2012, growing by 5.3 percent compared with 2011. Remittance
flows are expected to grow at an average of 8.8 percent
annual rate during 2013-2015 to about $515 billion in 2015.
Employment conditions in the United States (U.S.), including
for migrants are improving, as also reflected in the quota
for H-1B visas being rapidly filled for fiscal year 2014.
Political momentum behind immigration reform in the US is
growing. Average remittance prices were broadly unchanged at
just above 9 percent over the last year, while the weighted
average dropped in the first quarter of 2013 to an all-time
low of 6.9 percent. While this suggests progress in reducing
prices in high volume remittance corridors, prices continue
to remain high in smaller corridors, affecting countries
that have greater dependence on remittances. Migration and
remittances are being featured in ongoing discussions on the
millennium development goals and the post-2015 agenda.
(World Bank, Washington, DC, 2012-11-20)
Ratha, Dilip; Aga, Gemechu Ayana; Silwal, Ani
The officially recorded remittances to
developing countries are expected to reach 406 billion
dollar in 2012, up by 6.5 percentage from 381 billion dollar
in 2011. The true size of remittance flows, including
unrecorded flows through formal and informal channels, is
believed to be significantly larger. Compared to private
capital flows, remittance flows have shown remarkable
resilience since the global financial crisis, registering
only a modest fall in 2009, followed by a rapid recovery.
The size of remittance flows to developing countries is now
more than three times that of official development assistance.