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How migration could make the world richer
- Removing global migration barriers could increase world GDP by 50% to 150%, with an estimated 750 million people potentially migrating if permitted to move freely.
- Relocating one in 20 workers from poorer to richer nations could generate more global economic value than eliminating all remaining trade policy barriers, with worker productivity in destinations like the U.S. or U.K. potentially increasing by a factor of over eight.
- Remittances are projected to become the largest source of external financing for developing countries as of 2019 and may eventually exceed foreign direct investment by more than three times while surpassing foreign aid.
- Migrants are expected to drive innovation through patents, new products, and scientific breakthroughs, with foreign contributions described as disproportionate, while low-skilled migrants often complement local labor forces by enabling natives to shift into higher-skilled, higher-paying roles.
- Return migrants are anticipated to bring new skills and expertise to their countries of origin, supporting development narratives that suggest isolating populations hinders growth rather than helping it.
- While a sudden opening of borders faces significant obstacles, incremental improvements such as better regulation and lawful pathways are expected to unlock trillions of dollars in macroeconomic value and facilitate profitable investments.
- Australia is noted as having experienced steady economic growth for a period of 28 years.