This Migration and Development Brief, "A war in a pandemic - Implications of the Ukraine crisis and COVID-19 on global governance of migration and remittance flows," discusses the anticipated effects of the Russian invasion of Ukraine on migration and remittance flows. In addition, ahead of the International Migration Review Forum to be held in May 2022, the brief indicates how the global governance of migration can be strengthened and cross-border remittance flows facilitated. Developments concerning migration-related Sustainable Development Goal (SDG) indicators for which the World Bank is a custodian—increasing the volume of remittances as a percentage of gross domestic product (SDG indicator 17.3.2) and reducing remittance costs (SDG indicator 10.c.1)—are also discussed.
In 2022, remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent to reach $630 billion. This follows a robust growth of 8.6 percent registered during 2021, when remittance flows reached $605 billion, exceeding our earlier estimates. Remittance flows to LMICs excluding China are larger than foreign direct investment and official aid flows.