World Development Report 2023

Key Highlights of the Reports:

• 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 and
• India-US, India-Bangladesh and India- Gulf Cooperation Council have been considered among the top migrant corridors.

Key Facts about 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.
• India is not a member of ICSID.