An unprecedented migration boom is currently occurring in the rich world, with countries such as America, Canada, Britain, and Australia experiencing record numbers of immigrants. Last year alone, over 3.3 million more people moved to America than left, which is almost four times higher than typical levels in the 2010s. Similarly, Canada welcomed 1.9 million immigrants, Britain welcomed 1.2 million, and Australia welcomed 740,000 people, all resulting in their highest numbers of immigrants ever.
The significant economic consequences of these large movements of people cannot be ignored. Net migration in Australia and Canada is more than double what it was before the Covid-19 pandemic, while in Britain the intake is 3.5 times higher than in 2019. These figures reflect the growing demand for skilled workers and a desire to attract talent from around the world.
According to the IMF, the foreign-born labor force in America has increased by 9% since the beginning of 2019, while in Britain, Canada, and the euro zone it has risen by around a fifth. This influx of workers has contributed to strong economic growth in these countries and is projected to increase America’s economy by 2% over the next decade.
However, immigration also has implications beyond just GDP that must be considered. More recent arrivals tend to be low-skilled workers who can have implications for both economies and societies as a whole. It is important for policymakers to consider these factors when developing immigration policies that will benefit both individuals and communities alike.
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