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East Asia and Pacific

Accelerated remittances growth to low- and middle-income countries in 2018

Dilip Ratha's picture
On the back of stronger growth in remittance-sending economies, remittance flows to low- and middle-income countries are expected to reach a new record of $528 billion in 2018, an increase of 10.8 percent from last year, according to the World Bank’s Migration and Development Brief released today.
 

Migration and remittances can speed up Asia’s development. Here’s how

Mayumi Ozaki's picture
Globally, an estimated 266 million people live and work outside their countries of origin (Source: Migration and Development Brief 29) to seek opportunities provided by economic globalization. About one-third of them are from Asia and the Pacific.

Asian migrant workers tend to be semi- or low-skilled. They usually migrate to countries such as the US, high-income OECD countries, the Middle East, or middle- or upper-income countries within the region. 
 

Record high remittances to low- and middle-income countries in 2017

Dilip Ratha's picture
The World Bank’s latest Migration and Development Brief shows that officially recorded remittances to developing countries touched a new record—$466 billion in 2017, up 8.5 percent over 2016. The countries that saw the highest inflow in remittances were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).

Remittance flows set to recover this year, after two years of decline

Dilip Ratha's picture
The latest edition of the Migration and Development Brief and an accompanying Press Release have just been launched. Remittances to low- and middle-income countries are on course to recover in 2017 after two consecutive years of decline, says the latest edition of the World Bank’s Migration and Development Brief, released today.

Remittances to developing countries decline for an unprecedented 2nd year in a row

Dilip Ratha's picture
We just launched the latest edition of the Migration and Development Brief and an accompanying Press Release.
 
Remittances to developing countries decreased by 2.4 percent to an estimated $429 billion in 2016. This is the second consecutive year that remittances have declined. Such a trend has not been seen in the last 30 years. Even during the global financial crisis, remittances contracted only during 2009, bouncing back in the following year.

India introduces pre-departure orientation for migrant workers

T.L.S. Bhaskar's picture
All holders of Indian passports, whose educational qualification is below Matric/X Class (the equivalent of 10th grade in the American system) have a notation ‘Emigration Check Required (ECR)’ stamped in their passports. Under the Emigration Act of 1983, they are required to obtain an Emigration Clearance (EC) while migrating to 18 notified countries[i] for employment/work.

Trends in Remittances, 2016: A New Normal of Slow Growth

Dilip Ratha's picture
Against a backdrop of tepid global growth, remittance flows to low and middle income countries (LMICs) seem to have entered a “new normal” of slow growth. In 2016, remittance flows to LMICs are projected to reach $442 billion, marking an increase of 0.8 percent over 2015 (figure 1 and table 1). The modest recovery in 2016 is largely driven by the increase in remittance flows to Latin America and the Caribbean on the back of a stronger economy in the United States; by contrast remittance flows to all other developing regions either declined or recorded a deceleration in growth.  

I am a migrant

Jim Yong Kim's picture

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​In 1964, I came to the United States from South Korea, then an extremely poor developing country that most experts, including those at the World Bank, had written off as having little hope for economic growth.

My family moved to Texas, and later to Iowa. I was just 5 years old when we arrived, and my brother, sister, and I spoke no English. Most of our neighbors and classmates had never seen an Asian before. I felt like a resident alien in every sense of the term.

Migration and Development in the East Asia and Pacific Region: Potential to gain from boosting regular migration

Soonhwa Yi's picture

Remittances to EAP remain buoyant and continue to support macroeconomic stability - projected to increase by 7.0 percent to US$122 billion and to US$127 billion in 2015, as the World Bank’s Migration and Development Brief 24 (Oct 2014) reports.

While steadily declining, the cost of remittances to EAP remains close to 8 percent in 3Q2014, according to the report. Money transfer operators (MTOs) contribute to lowering the cost; and cash-to-cash transfers are likely to cost higher than cash-to-account transfers for receiving countries in the region, highlighting the importance of deepening financial inclusion of migrant families in remittance-receiving countries.

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