News:The World Bank has released its report “Migration and Development Brief”. It focuses on COVID-19 Crisis Through a Migration Lens.
- The report is prepared by the Migration and Remittances Unit- the research and data arm of the World Bank.It is released twice a year.
- Aim:To provide an update on key developments in the area of migration and remittance flows and related policies over the past six months.
- It also provides medium-term projections of remittance flows to developing countries.
- Remittances: It is a transfer of money often by a foreign worker to an individual in their home country.
- India is the world’s biggest recipient of remittances.In 2019,India is estimated to have received $83.1 billion in remittances which is about 12% of the total expected global inflow.