More Countries Relying On Migration To Realize Potential – World Bank

More countries are increasingly reliant on migration to realize their long-term growth potential, according to a report from the World Bank on Tuesday.

The “World Development Report 2023: Migrants, Refugees and Societies” said the trend presents an opportunity to make migration work better for economies and people.

It found that wealthy countries and a growing number of middle-income countries face diminishing populations, intensifying the global competition for workers and talent.

But most low-income countries are expected to see rapid population growth, putting them under pressure to create more jobs for young people.

Migration can be a powerful force for prosperity, and provides benefits for all people when managed properly, said World Bank Senior Managing Director Axel van Trotsenburg.

Spain may shrink by over one-third by 2100, while Mexico, Thailand, Tunisia and Türkiye may soon need more foreign workers because the population isn’t growing.

Meanwhile, the destination and origins span all income levels, with many countries, such as Mexico, Nigeria, and the U.K., both sending and receiving migrants.

The report said the goal of policymakers should be to strengthen the match of migrants’ skills with the demand in destination societies while protecting refugees.

It proposes a simple but powerful framework to aid the making of migration and refugee policy, according to Indermit Gill, World Bank Senior VP for Development Economics.

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