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KNOMAD is now operational/New outlook for migration and remittances 2013-15 issued

Dilip Ratha's picture

 The Global Knowledge Partnership on Migration and Development (KNOMAD) is shifting gears --- it has officially graduated from inception phase to being operational. An official launch event is being organized today, on the sidelines of the Spring Meetings of the World Bank and International monetary Fund (IMF). We’ve also held a meeting of the chairs and co-chairs of KNOMAD’s thematic working groups and will soon share with you the way forward.

We have also released today the latest issue of the Migration and Development Brief, which provides forecasts for remittance flows up to 2015 and updates data for 2012. The main highlights of the Brief are: 

  • Officially recorded remittance flows to developing countries reached an estimated $401 billion in 2012, growing by 5.3 percent compared with 2011. Remittance flows are expected to grow at an average of 8.8 percent annual rate during 2013-2015 to about $515 billion in 2015. 
  • Employment conditions in the US, including for migrants are improving, as also reflected in the quota for H-1B visas being rapidly filled for fiscal year 2014. Political momentum behind immigration reform in the US is growing.
  • Average remittance prices were broadly unchanged at just above 9 percent over the last year, while the weighted average dropped in the first quarter of 2013 to an all-time low of 6.9 percent. While this suggests progress in reducing prices in high volume remittance corridors, prices continue to remain high in smaller corridors, affecting countries that have greater dependence on remittances. 
     
  • Migration and remittances are being featured in ongoing discussions on the Millennium Development Goals and the Post-2015 agenda.
     

Here’s the full Brief and a Press Release we issued today.

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