The world is currently experiencing an unprecedented migration boom, with countries like America, Canada, Britain, and Australia seeing record numbers of people moving in. Last year, America saw 3.3 million more people moving in than leaving, which is almost four times higher than typical levels in the past decade. Canada welcomed 1.9 million immigrants, Britain received 1.2 million, and Australia saw 740,000 new arrivals. These numbers are all record-breaking for each country, with Australia and Canada experiencing more than double their pre-covid levels of net migration, and Britain seeing an intake that is 3.5 times higher than in 2019.
The large movements of people have significant economic consequences. The foreign-born labor force in America has grown by 9% since the start of 2019, and by around a fifth in Britain, Canada, and the euro zone. The surge in immigration to America is expected to make its economy 2% larger over the next decade than previously forecasted, contributing to the country’s strong economic growth. However, the impact of immigration goes beyond just GDP and influences factors like inflation, living standards, and government budgets.
An important aspect of the recent wave of immigrants is that a larger proportion of them are low-skilled compared to previous arrivals. This trend has raised concerns about job displacement for native-born workers and increased competition for wages among immigrant workers themselves. Governments around the world will need to carefully manage this influx of low-skilled workers to ensure that they do not negatively impact local economies or create social tensions within communities.
In conclusion, while migration can bring many benefits to both sending and receiving countries
