Migration and Remittances: Recent Developments and Outlook

This brief reports an update on migration and remittance data as well as salient policy developments in the area of international migration and development. It discusses the global and regional trends in remittances. It also touches upon special topics such as how to reduce remittance costs and achieve progress in the global remittances agenda and how to reduce recruitment costs. Key points include:

• Remittances to developing countries are estimated at USD 404 billion in 2013, up 3.5% compared with 2012;
• Rising anti-immigrant sentiment in many developed destination countries, as evident from deportation of migrants, is a growing concern;
• Average total cost of sending remittances fell in the first quarter of 2014, dipping below 8.4%, compared with over 9% a year earlier;
• Efforts are underway to mobilize diaspora savings for development purposes, including through diaspora bonds;
• With nearly one out of seven persons in the world being either an international or an internal migrant, there is a growing awareness of the importance of migration in the post-2015 development agenda, especially the need for reducing migration costs (such as recruitment costs) and improving migrant rights;
• Closure of bank accounts of money transfer operators serving Somalia and other fragile countries is a matter of concern.