Migration a powerful force for prosperity, devt, says World

As competition for skilled workers continues to rise globally, while populations in rich and middle-income countries age, the World Bank says migration can be a powerful force for prosperity and development if managed properly.

This is contained in a new report from the World Bank, which also states that populations across the globe are ageing at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential.

The report is titled: ”The World Development Report 2023: Migrants, Refugees, and Societies”.

READ ALSO:

“Wealthy countries as well as a growing number of middle-income countries, traditionally among the main sources of migrants, face diminishing populations, intensifying the global competition for workers and talent.

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

The World Bank Senior Managing Director, Axel Trotsenburg, said when migration is managed properly, it provides benefits for all people in origin and destination societies.

The report added that the coming decades, the share of working-age adults would drop sharply in many countries.

It said Spain, with a population of 47 million, is projected to shrink by more than one-third by 2100, with those above age 65 increasing from 20 per cent to 39 per cent of the population.

“Countries like Mexico, Thailand, Tunisia, and Türkiye may soon need more foreign workers because their population is no longer growing.”

The report said beyond this demographic shift, the forces driving migration were also changing, making cross-border movements more diverse and complex.

Source: VANGUARD


Leave a Reply

Your email address will not be published. Required fields are marked *