World Development Report 2023

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Overview:

Recently, World Bank released the World Development Report 2023: Migrants, Refugees, and Societies

Key Highlights of the Reports:

  • About 2.3 per cent of the world’s population—184 million people, including 37 million refugees—live outside their country of nationality. 
  • It found that low-skilled Indians who migrated to the United States tended to see a significant gain in their income of around 500%.
  • The gains for highly-skilled workers such as engineers or doctors are much higher, however, low-skilled workers are also finding themselves having a multi-fold jump in their income.
  • It categorised the migrants into four types – Refugees with skills in demand, economic migrants with skills that match with demand, distressed migrants and refugees.
  • India-US, India-Bangladesh and India- Gulf Cooperation Council have been considered among the top migrant corridors.

Key Facts about World Bank

  • It is an international financial institution that provides loans and grants to the governments of low and middle-income/developing countries to pursue capital projects.
  • It was established along with the IMF at the 1944 Bretton Woods Conference.
  • The WB Group Includes
    • International Bank for Reconstruction and Development (IBRD): It provides loans, credits and grants.
    • International Development Association (IDA): It provides low or no-interest loans to low-income countries.
    • International Finance Corporation (IFC): It provides investment, advice and asset management to private companies and governments.
    • Multilateral Guarantee Agency (MIGA): It ensures lenders and investors against political risks such as war.
    • International Centre for the Settlement of Investment Disputes (ICSID): It settles investment disputes between investors and countries.
  • India is not a member of ICSID.

 


Q1) Who are refugees?

Refugees are people who have been forced to flee their home country because of persecution, war, or violence. They are individuals who have been granted refugee status under international law and are entitled to special protection and assistance from governments and international organizations.

Source: Match migrants’ skills with needs of ageing countries to drive global growth: World Bank report