World Bank says strong migration policies can enhance growth in Europe, Central Asia

Date

11/3/2024 7:50:52 AM

(MENAFN) According to a report released on Thursday by the World Bank, strong migration policies can significantly enhance growth and competitiveness in Europe and Central Asia. The report, titled The Journey Ahead: Supporting Successful Migration in Europe and Central Asia, highlights that aging populations in these regions make migration increasingly crucial for driving economic growth, improving competitiveness, and addressing inequalities.

The report points out that as populations age in high- and middle-income countries globally, competition for workers is intensifying. Specifically, it notes that the working-age population in Western Europe is projected to decline by 14 percent between 2020 and 2050, underscoring the urgent need to attract foreign workers to maintain economic vitality in the coming decades.

While emigration can generate positive income flows through remittances, investments, and skills transfers in many countries across Europe and Central Asia, it also presents challenges such as brain drain. However, the report emphasizes that if migration is managed effectively, it can benefit all parties involved—origin countries, destination countries, and migrants themselves.

World Bank Regional Director for Human Development in Europe and Central Asia, Michal Rutkowski, stated that effective migration policies are essential for aligning workers’ skills with the needs of destination countries. Additionally, such policies can bolster support for refugees and alleviate the pressures that compel individuals to migrate, creating a more sustainable and mutually beneficial migration landscape.

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