Migration and Development Brief
Author

Gemechu Ayana Aga, Christian Eigen-Zucchi, Sonia Plaza, Ani Rudra Silwal, Dilip Ratha 

April
2013
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 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 US, 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.