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Mahesh

28/04/23 06:26 AM IST

World Development Report 2023

In News
  • Recently, World Bank released the World Development Report 2023: Migrants, Refugees, and Societies.
Major Highlights
  • About 2.3 per cent of the world’s population—184 million people, including 37 million refugees—live outside their country of nationality.
  • It found that low-skilled Indians who migrated to the United States tended to see a significant gain in their income of around 500%.
  • The gains for highly-skilled workers such as engineers or doctors are much higher, however, low-skilled workers are also finding themselves having a multi-fold jump in their income.
  • It categorised the migrants into four types – Refugees with skills in demand, economic migrants with skills that match with demand, distressed migrants.
  • India-US, India-Bangladesh and India- Gulf Cooperation Council have been considered among the top migrant corridors.
  • Spain, with a population of 47 million, is predicted to reduce by over one-third by 2100, with people aged 65 and above accounting for a greater proportion of the population, escalating from 20 per cent to 39 per cent.
  • As their populations are no longer expanding, countries like Mexico, Thailand, Tunisia, and Türkiye might soon require more foreign workers.
World Bank
  • It is an international financial institution that provides loans and grantsto the governments of low and middle-income/developing countries to pursue capital projects.
  • It was established along with the IMF at the 1944 Bretton Woods Conference.
  • The WB Group Includes-
  • International Bank for Reconstruction and Development (IBRD): It provides loans, credits and grants.
  • International Development Association (IDA): It provides low or no-interest loans to low-income countries.
  • International Finance Corporation (IFC): It provides investment, advice and asset management to private companies and governments.
  • Multilateral Guarantee Agency (MIGA): It ensures lenders and investors against political risks such as war.
  • International Centre for the Settlement of Investment Disputes (ICSID): It settles investment disputes between investors and countries.
Source- The Hindu

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