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

    Remittances to low- and middle-income countries grew rapidly and are projected to reach a new record in 2018, says the latest edition of the World Bank’s Migration and Development Brief, released today.

    The Bank estimates that officially recorded remittances to developing countries will increase by 10.8 percent to reach $528 billion in 2018. This new record level follows robust growth of 7.8 percent in 2017. Global remittances, which include flows to high-income countries, are projected to grow by 10.3 percent to $689 billion.

    Remittance flows rose in all regions, most notably in Europe and Central Asia (20 percent) and South Asia (13.5 percent), followed by Sub-Saharan Africa (9.8 percent), Latin America and the Caribbean (9.3 percent), the Middle East and North Africa (9.1 percent), and East Asia and the Pacific (6.6 percent). Growth was driven by a stronger economy and employment situation in the United States and a rebound in outward flows from Gulf Cooperation Council (GCC) countries and the Russian Federation.

    Among major remittance recipients, India retains its top spot, with remittances expected to total $80 billion this year, followed by China ($67 billion), Mexico and the Philippines ($34 billion each), and Egypt ($26 billion).

    As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by 4 percent to reach $549 billion in 2019. Global remittances are expected to grow 3.7 percent to $715 billion in 2019.

    The Brief notes that the global average cost of sending $200 remains high at 6.9 percent in the third quarter of 2018. Reducing remittance costs to 3 percent by 2030 is a global target under #Sustainable_Development_Goals (SDG) 10.7. Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs.

    https://www.worldbank.org/en/news/press-release/2018/12/08/accelerated-remittances-growth-to-low-and-middle-income-countries-in-2018

    #remittances #migrations #statistiques #chiffres #2018 #coût #SDGs

    • #Rapport : Migration and Remittances

      This Migration and Development Brief reports global trends in migration and remittance flows. It highlights developments connected to migration-related Sustainable Development Goal (SDG) indicators for which the World Bank is a custodian: increasing the volume of remittances as a percentage of gross domestic product (GDP) (SDG indicator 17.3.2), reducing remittance costs (SDG indicator 10.c.1), and reducing recruitment costs for migrant workers (SDG indicator 10.7.1). This Brief also presents recent developments on the Global Compact on Migration (GCM) and proposes an implementation and review mechanism.


      https://www.knomad.org/publication/migration-and-development-brief-30

      Pour télécharger le rapport :
      https://www.knomad.org/sites/default/files/2018-12/Migration%20and%20Development%20Brief%2030%20advance%20copy.pdf

    • International Remittances Headline ACP-EU-IOM Discussions in #Ghana

      In Sub-Saharan Africa, the flow of remittances is on the rise, but the cost to transfer these funds is far higher than the global average, making the region the most expensive place in the world to send money.

      The International Organization for Migration (IOM) and partners focused on improving the use of migrant remittances, particularly in Sub-Saharan Africa at a three-day regional thematic meeting starting today (19/02) in Accra, Ghana.

      International remittances have been taking on increasing weight in the global policy agenda in recent years according to Jeffrey Labovitz, IOM Regional Director for East and Horn of Africa, who is speaking at the event.

      “This in part reflects the growing understanding that improving and harnessing the flow of remittances can have a substantial impact on development,” he said.

      Remittances to Sub-Saharan Africa grew from USD 34 billion in 2016 to USD 38 billion in 2017, an increase of over 11 per cent. Despite this increase – a trend which is expected to continue through 2019 – Sub-Saharan Africa remains the most expensive place in the world to send money with an average cost of 9.4 per cent of the transfer amount, a figure that was 29 per cent above the world average in 2017. This is far short of the Sustainable Development Goals (SDG) target 10.C.3 to reduce the transaction costs of migrant remittances to less than 3 per cent by 2030.

      “Almost 75 per cent of remittances are spent on consumption which greatly benefit the receiving households and communities,” said Claudia Natali, Regional Specialist on Labour Mobility and Development at the IOM Regional Office for West and Central Africa.

      “But more could be done to maximize the remaining 25 per cent. Fostering financial inclusion and promoting initiatives that help people manage the funds can go a long way to harness development impacts of remittances,” she added.

      The meeting, which runs through Thursday (21/02), is providing a platform for communication, exchange and learning for 80 participants involved in IOM’s “ACP-EU Migration Action", including migration experts and representatives from African, Caribbean and Pacific (ACP) governments, regional organizations, the European Union (EU), UN agencies and NGOs working in remittances and diaspora mobilization.

      Given that remittances are at the heart of the joint ACP Group of States and European Union Dialogue’s recommendations on migration, discussions also aim to generate thematic recommendations for the Sub-Saharan region and establish links between the outcomes of the ACP-EU Migration Action programme, and processes relevant to the ACP-EU Dialogue on Migration and Development at the regional and global levels.

      The meeting is organized by IOM’s country office for Ghana and the IOM Regional Office in Brussels in partnership with the African Institute for Remittances (AIR) and Making Finance Work for Africa Partnership (MFW4A).

      IOM’s ACP-EU Migration Action, launched in June 2014, provides tailored technical support on migration to ACP countries and regional organizations. To date it has received 74 technical assistance requests from 67 ACP governments and 7 regional organizations, a third of which directly concern remittances.

      The programme is financed by the 10th European Development Fund (EDF) and supported by the ACP Secretariat and the EU. For more information on the ACP-EU Migration Action, go to: www.acpeumigrationaction.iom.int.

      https://www.iom.int/news/international-remittances-headline-acp-eu-iom-discussions-ghana

    • The cost of cross-border payments needs to drop

      FOR MOST of human history, sending money across borders has cost the earth. Thankfully for globetrotters and e-shoppers in the rich world, that has changed in the past decade. A shift from cash and travellers’ cheques towards digital payments has cut the cost of moving funds around. And a new generation of fintech firms has broken the stranglehold that big banks used to have on money transfers (see article). As a result, fees have fallen. The cost of a transfer between consumers or small firms who are both in G7 countries can now cost 2% or less. This year some $10trn will pass across borders. As prices fall further, the sums will grow.


      https://amp.economist.com/leaders/2019/04/13/the-cost-of-cross-border-payments-needs-to-drop
      #paywall