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If they were a country, all of the migrants on earth would constitute the third largest economy in the world, according to a study by the BCG Henderson Institute, the think tank of the Boston Consulting Group which has worked with the International Organization for Migration.
According to these American researchers, migrants generate approximately 9,000 billion dollars of economic output each year in the world. This is a figure that is underestimated, the report says, because not all of the economic impacts of migrants as consumers or entrepreneurs are taken into account. On the other hand, this figure could double by 2050 because migration is likely to increase, whereas in 2020 there were approximately 280 million migrants, or 3.6% of the world’s population.
Migrants represent a real asset for the global economy and businesses. Moreover, according to this study, 72% of business leaders believe that migrants are an opportunity for the development of their country. A score much higher than world public opinion, which agrees only at 41%.
Still, while 95% of business leaders say they intend to create more diverse teams, only 5% of them do so in a way that will have a real impact. Leaders seem to have other priorities right now: global geopolitical stability and climate change are at the top of their minds. There should also be a more flexible reception policy so that these migrants have the opportunity to try their luck elsewhere, they point out.
A solution to the lack of manpower in certain sectors
Whether in the United States, China, Germany, the United Kingdom or Canada for the countries most affected, these structural labor shortages cost the world 1,000 billion dollars per year. , according to this study. Across the 30 largest economies, researchers found 30 million jobs to be filled, particularly in manufacturing, information and communication technology, and healthcare.
Companies that welcome a large number of immigrants among their management teams also have profits that increase by 15% on average and they are more likely to be among the world champions of innovation. For example, Pfizer-BioNTech’s latest Covid-19 vaccine is the work of Turkish duo Ugur Sahin and Özlem Türeci, two Turkish immigrants to Germany. And these researchers point out that the innovations that propel our societies forward often come from people who look at what seems familiar to us with fresh eyes. For these pioneers in uncharted territory, crossing boundaries—not just mental boundaries, but physical boundaries, too—is key to imagining new possibilities.
So what would it take for these migrants to have easier access to the labor market? A real political will in the first place. The laws to regulate immigration are of course more or less strict depending on the country, they remain a key for migrants to be able to move from one country to another. But we must not forget the importance of access to education, training and higher salaries.
What is certain is that for the ten countries most affected by demographic decline and which will lose around 345 million adults of working age by 2050, migrants will become an essential windfall to keep their economies running. and make it more competitive.