{"id":18357,"date":"2023-12-19T12:32:47","date_gmt":"2023-12-19T07:02:47","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=18357"},"modified":"2025-04-05T10:24:09","modified_gmt":"2025-04-05T04:54:09","slug":"wbmd","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/wbmd\/","title":{"rendered":"World Bank Migration and Development Brief"},"content":{"rendered":"<h2>About World Bank Migration and Development Brief<\/h2>\n<ul>\n<li>It is\u00a0prepared by the\u00a0Migration and Remittances Unit,\u00a0Development Economics (DEC), the\u00a0premier research and data\u00a0arm of the World Bank.<\/li>\n<li>The brief is produced\u00a0twice a year.<\/li>\n<li>The brief aims to\u00a0provide an update\u00a0on key developments in the\u00a0area of migration and remittance flows\u00a0and related policies\u00a0over the past six months.<\/li>\n<li>It also provides\u00a0medium-term projections of remittance flows\u00a0to developing countries.\u00a0<\/li>\n<li>It\u00a0also presents recent\u00a0developments on the Global Compact on Migration (GCM).<\/li>\n<li>A special topic is included in each brief.<\/li>\n<\/ul>\n<h2>Key highlights of the recent report<\/h2>\n<ul>\n<li>The\u00a0top five remittance recipient countries in 2023\u00a0are India ($125 billion),\u00a0Mexico ($67 billion),\u00a0China ($50 billion), the\u00a0Philippines ($40 billion), and\u00a0Egypt ($24 billion).<\/li>\n<li>The\u00a0United States continued to be the\u00a0largest source of remittances.\u00a0<\/li>\n<li>Remittances to\u00a0low- and middle-income countries (LMICs)\u00a0grew by an estimated 3.8 per cent in 2023, reaching a total of USD 669 billion.<\/li>\n<li>Resilient labour markets in advanced economies\u00a0and Gulf Cooperation Council (GCC) countries\u00a0played a pivotal role in supporting migrants\u2019 ability to send money home.<\/li>\n<li>The\u00a0Middle East and North Africa saw a decline in remittance flows for the second consecutive year, mainly driven by a sharp drop in flows to Egypt.<\/li>\n<li>Remittance flows to Europe and Central Asia also decreased by 1.4 percent after a significant gain in 2022.<\/li>\n<li>The report suggests a potential risk of a decline in real income for migrants in 2024 due to global inflation and low growth prospects.<\/li>\n<li>A special section of the report emphasizes the potential of leveraging remittances for development finance, particularly through diaspora bonds. The report says diaspora bonds can be structured to tap into diaspora savings held in foreign destinations, providing a stable source of funds.<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1) What is the Global Compact on Migration (GCM)?<\/h3>\n<p>The Global Compact for Migration is the first-ever UN global agreement on a common approach to international migration in all its dimensions. The global compact is non-legally binding. It is grounded in values of state sovereignty, responsibility-sharing, non-discrimination, and human rights, and recognizes that a cooperative approach is needed to optimize the overall benefits of migration, while addressing its risks and challenges for individuals and communities in countries of origin, transit and destination.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.firstpost.com\/business\/with-125-billion-india-leads-global-remittance-charts-in-2023-world-bank-report-13516382.html\" target=\"_blank\" rel=\"nofollow noopener\"><u>With $125 billion, India leads global remittance charts in 2023: World Bank report<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Migration and Development Brief is prepared by the Migration and Remittances Unit, Development Economics (DEC), the premier research and data arm of the World Bank.<\/p>\n","protected":false},"author":5,"featured_media":18358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-18357","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/18357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=18357"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/18357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/18358"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=18357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=18357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=18357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}