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International migration, the movement of people across international boundaries to improve economic opportunity, generates substantial welfare gains for migrants and their families, for origin countries, and for destination countries.

International remittances, or transfers from income earned by overseas migrants, are an important source of foreign exchange for many developing countries (remittance receipts are expected to reach $160 billion in 2005, more than twice official aid) and has helped numerous individuals escape poverty, said Global Economic Prospects (International Remittances and Migration Report - 2006).

This report analyses the implications of international remittances for developing countries, and investigates means of improving their developmental impact. In discussing remittances, one also needs to consider the implications of the initial decision to migrate. Therefore, the report also addresses the costs and benefits of migration.

Prospects for developing countries' growth remain positive. Industrial countries' economies began slowing in the second half of 2004, particularly in Europe, and growth is expected to moderate to (2.5) per cent in 2005, from 3.1 per cent in the year before.

Industrial countries' growth is forecast to increase slightly over the next two years, with acceleration in Europe offsetting modest slowing in the United States, supported by only moderate increases in interest rates from current, relatively low levels.

Higher oil prices, domestic capacity constraints, and slower import demand with the slowdown in industrial countries reduced developing countries' growth in 2005 from the high rates of 2004.

Continued high oil prices coupled with inflationary pressures are expected to restrain growth in most developing countries over the next two years.

Nevertheless, growth rates of well over 5 per cent would significantly exceed the average of the past two decades.

International migration can generate significant gains for migrants and for residents of origin and destination countries. Wage levels (adjusted for purchasing power) in high-income countries are approximately five times those of low-income countries for similar occupations, so the movement of workers generates substantial efficiency gains.

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