Migrants matter: Global Economic Perspectives 2006

Migrants can make a difference according to François Bourguignon, World Bank Chief Economist. They can generate substantial welfare gains for migrants and their families, as well as their origin and destination countries:

With the number of migrants worldwide now reaching almost 200 million, their productivity and earnings are a powerful force for poverty reduction. Remittances, in particular, are an important way out of extreme poverty for a large number of people. The challenge facing policymakers is to fully achieve the potential economic benefits of migration, while managing the associated social and political implications.

His comments drew on the World Bank's newly published Global economic prospects 2006: Economic implications of remittances and migration (the full 182 page report is available to download here). As usual it's a thorough and readable piece of work, backed up by solid research. One particularly interesting fact:

Officially recorded remittances worldwide exceeded $232 billion in 2005, with India receiving almost 10% of the amount ($21.7 billion).China came second with $21.3 billion, followed by Mexico ($18.1 billion), France ($12.7 billion), and the Philippines ($11.6 billion).

France? There are certainly plenty working in the City, but I didn't realise they were that well renumerated...

Comments

[nintendo ds]

International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled $160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances, including their size, determinants, development impact, and steps to strengthen financial infrastructure and reduce transaction costs. It also presents available data on migration flows and examines current thinking on issues pertaining to migration and its development impact.

[Crude Oil Tips]

Very efficient and precise synopsis of the current situation and possible implications. It would be nice to see how all these factors play into the forex markets and overall economy.

The report argues for a new stance on informality that places informal workers at the centre of employment schemes and social protection measures, and includes them in economic policies and urban planning. Without an inclusive approach to economic and social policy that integrates informal workers, recovery will not reach many of the world's most vulnerable.

[Sure Shot Intraday Tips]

This year’s edition of Global Economic Prospects focuses on the flow of international migrant remittances and improving their development impact. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants.
International migration has enormous implications for growth and welfare in both origin and destination countries.