How migration could make the world richer
The Economist・1 minute read
Migration, driven by fear, benefits both migrants and host countries economically, with the potential to increase global GDP significantly by removing barriers to movement. The Economist supports free movement of people, highlighting the positive impact migration can have on innovation and economic growth, contrary to common misconceptions.
Insights
- Migration is primarily driven by economic motives, with a large portion moving for better opportunities rather than fleeing conflict or persecution.
- The Economist argues that allowing free movement of people could lead to a substantial increase in the global GDP, far surpassing the benefits of removing trade barriers, emphasizing the economic advantages of liberal migration policies.
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Recent questions
Why is migration considered a contentious issue?
Fear drives perceptions, but reasons vary.
How can the free movement of people impact the global economy?
It could boost the world's GDP significantly.
What role do remittances play in the context of migration?
They contribute significantly to GDP and development.
How do immigrants benefit local workers and economies?
They complement local workers and drive innovation.
What is the potential economic impact of removing barriers to migration?
It could increase global GDP by trillions of dollars.
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Summary
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Migration: Economic Advancement and Global GDP Boost
- Migration is a contentious issue driven by fear, but evidence shows that 1 in 10 migrants flee war or persecution, while the majority move for economic advancement.
- The Economist advocates for free movement of people, as it would significantly boost the world's GDP by 50-150% annually, based on Michael Clements' research.
- Removing barriers to migration could increase global GDP by trillions of dollars, far surpassing the impact of trade barriers removal.
- Migration benefits both migrants and their home countries through remittances, which can contribute significantly to GDP and development.
- Despite misconceptions, immigrants often complement local workers, with high-skilled migrants driving innovation and founding major companies, showcasing the positive impact of migration.
