World Bank on 22 October 2015 released the Migration and Development Brief that conveyed recent trends in remittance flows and migration across the world.
As per the report, though a decrease in migrant remittances is expected in 2015 amid global slowdown, it is set to rise in 2016 and 2017 as the major economies of the developed world are set to recover.
Highlights of the report
• Remittances to developing countries are expected to reach 435 billion US dollars in 2015, registering a modest growth rate of 2 percent from last year. This represents a significant slowing in the growth of remittances from the rise of 3.3 percent in 2014 and of 7.1 percent per year from 2010-13.
• Global remittances, sent home from some 250 million migrants, are projected to grow by 1.3 percent to 588 billion US dollars.
• Slowing remittances this year will affect most developing regions, in particular Europe and Central Asia where flows are expected to decline by 18.3 percent in 2015. A weakening of the Ruble against the US Dollar is the main cause of that decline.
• Looking to 2016, the report says remittances to developing countries are expected to rise by about 4 percent, reaching an estimated 453 billion US dollars, buoyed by the continuing recovery in the United States and a modest acceleration of economic activity in Europe.
• Global flows of remittances are expected to recover in 2016 to reach 610 billion US dollars, and then rising to 635 billion US dollars in 2017.
• The recently-adopted Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda on Financing for Development endorse improvements in migration policies, efforts to end human trafficking, promote decent labor conditions for migrant workers, etc.
• The Action Agenda also addresses the issue of de-risking by banks and adverse effects of financial regulations on financial inclusion.
The report concludes by stating the fact that-one out of seven people in the world is a migrant, and a quarter of them, international migrants.
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When: 22 October 2015