Migration and Development Brief
Author

Dilip Ratha, Gemechu Ayana Aga, Ani Silwal

November
2012
Thematic Working Groups
Data and Demographics
Remittances and Diaspora Resources
Regions
Africa
East Asia and Pacific
Europe and Central Asia
Latin America and the Caribbean
Middle East and North Africa
North America
South Asia
The World Region
Abstract:
  • Officially recorded remittance flows to developing countries are estimated to reach $406 billion in 2012, a growth of 6.5 percent over the previous year. These flows are expected to rise 8% in 2013 and 10% in 2014 to reach $534 billion in 2015.
  • Remittance costs are still too high, averaging 7.5% in top 20 remittance corridors; the worldwide average cost is about 9%.
  • US Remittance Transfer Rule, to be implemented in February 2013, will increase transparency for consumers and thereby market competition