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Dilip Ratha – World Bank Outlook for migration and remittances 2012-14 Conference Day One – 9:00 - 9:30 Note: Presentations done through skype.

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Presentation on theme: "Dilip Ratha – World Bank Outlook for migration and remittances 2012-14 Conference Day One – 9:00 - 9:30 Note: Presentations done through skype."— Presentation transcript:

1 Dilip Ratha – World Bank Outlook for migration and remittances Conference Day One – 9:00 - 9:30 Note: Presentations done through skype

2 Outlook for remittances  Remittances to developing countries $370 bn in 2011 (12.2% increase over 2010)  Forecast: 7-8 percent growth in  Economic crisis in Europe, high unemployment rates and restrictive immigration policies are affecting migration and remittances  Gulf countries and oil exporters (Russia) are providing a cushion for remittances to Asia IMTC WEST 2012

3 After a modest decline in 2009, remittances have grown steadily, reaching $370 bn in 2011 Source: Migration and Remittances Unit, World Bank IMTC WEST 2012

4 Resilience of remittances across all regions Source: Migration and Remittances Unit, World Bank IMTC WEST 2012

5 Remittance flows to developing countries $ billion e2012f2013f2014f Developing countries East Asia and Pacific Europe and Central Asia Latin America and Caribbean Middle-East and North Africa South Asia Sub-Saharan Africa Growth rate (%) Developing countries 7.0%12.2%7.3%7.8%8.4% East Asia and Pacific 10.6%12.6%7.3%8.0%8.7% Europe and Central Asia 0.3%12.6%8.8%10.1%11.4% Latin America and Caribbean 0.9%7.7%7.6%7.9%8.2% Middle-East and North Africa 12.4%6.1%5.1%5.3%5.5% South Asia 9.5%18.2%7.4%7.9%8.4% Sub-Saharan Africa 1.9%8.5%6.3%6.8%7.4% IMTC WEST 2012

6 Top remittance recipients in 2011 $ million, 2011e as % of GDP, 2010 IMTC WEST 2012

7 Sources of data  Our remittances data comes from:  IMF Balance of Payments  Central Bank websites  World Bank country offices  Survey of central banks  Media reports  Our migration data comes from:  Census websites of countries  US Census Library  World Bank country offices  UN Global Migration Database  OECD’s International Migration Database IMTC WEST 2012

8 Oil prices continue to provide a cushion for remittances to Asia Source: IMF Balance of Payments and Development Prospects Group, World Bank. IMTC WEST 2012

9 Remittance to Latin American countries have started growing after sharp decline during financial crisis IMTC WEST 2012

10 Exchange rate depreciation has created additional incentives to send remittances IMTC WEST 2012

11 Cost of sending remittances to developing regions is high ECA excludes Russian Federation; Source: World Bank Remittances Prices Worldwide database (Sept.2011) Average cost of sending $200 to developing regions IMTC WEST 2012

12 Risks to the outlook  Global economic crisis in the US and Europe  Anti-immigration policies in other destination countries  Uncertain currency and oil price movements IMTC WEST 2012

13 First mile issues in remittance-source countries  Onerous AML/CFT regulations  Exclusivity agreements between MTOs and post offices  Migrants do not have adequate access to banks  EU Payment Services Directive (PSD) and efforts in US to improve transparency in pricing of remittance services IMTC WEST 2012

14 International Remittances Agenda 1. Monitoring, analysis, projection -Size, corridors, channels -Counter-cyclicality -Effects on poverty, education, health, investmen -Policy (costs, competition, exchange controls) 2. Retail payment systems -Payment platforms/instruments -Regulation (clearing and settlement, capital adequacy, exchange controls, disclosure, cross- border arbitration) -Anti-money laundering/Countering financing of terrorism (AML/CFT) 3. Financial access -Deposit and saving products -Loan products (mortgages, consumer loans, microfinance) -Credit history for MFI clients -Insurance products 4. Capital market access -Private banks and corporations (securitization) -Governments (diaspora bonds) -Sovereign credit rating IMTC WEST 2012

15 Global Knowledge Partnership on Migration and Development IMTC WEST 2012

16 Objectives An open, multidisciplinary platform Generate a menu of policy choices based on evidence and peer-review Pilot policy operations and capacity building efforts IMTC WEST 2012

17 M IGRATION AND D EVELOPMENT Data on migration and remittance flows Skilled labor migration Unskilled labor migration Integration issues in host communities Policy and institutional coherence Migrant rights and social aspects Demographic changes and migration Remittances Mobilizing other diaspora resources Climate change and migration Rural-urban migration and urbanization Migration and security IMTC WEST 2012

18 Outputs of Migration Knowledge Platform Analytical research products Operational toolkits, fact books Web-based anthologies, archives, blogs Best practices: A menu of policy choices for the policy makers Few pilot projects and capacity building activities IMTC WEST 2012

19 Thank you! Data and other resources are available at Thank you! Data and other resources are available at Conference Day One – 9:00 - 9:30


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