Better Migration Policies Can Help Boost Prosperity in All Countries

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

It averred that destination and origin countries cut across income levels, with many countries such as Mexico, Nigeria, and the U.K. both sending and receiving migrants. 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 World Development Report 2023: Migrants, Refugees, and Societies, released on Tuesday identifies this trend as a unique opportunity to make migration work better for economies and people. “Today, destination and origin countries span all income levels, with many countries such as Mexico, Nigeria, and the U.K. both sending and receiving migrants”, the World Bank stated.

According to the report, 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.