• The World Bank released its latest Migration and Development Brief.

 MAJOR FINDINGS

• It reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.
• Remittances to LMICs grew by an estimated 3.8 per cent in 2023, reaching a total of USD669 billion.
• Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries played a pivotal role in supporting migrants’ ability to send money home.
• India saw the highest amount of remittance inflows in the world in 2023 at USD 125 billion.
  • India was followed by Mexico, China, the Philippines, and Egypt.
• USA continued to be the largest source of remittances.
• Economies where remittance inflows represent substantial shares of Gross Domestic Product (GDP) — highlighting the importance of remittances for funding current account and fiscal shortfalls — are Tajikistan, Tonga, Samoa, Lebanon, and Nicaragua.
• The report suggests a potential risk of a decline in real income for migrants in 2024 due to global inflation and low growth prospects.