World Bank: Migrants Will Help Economies of Europe And Central Asia

The economic growth rates in Europe and Central Asia are slowing down. The demographic situation is deteriorating, but migration can help resolve these issues, the World Bank report said.

The Bank notes that over the past 40 years, the share of immigrants in Europe has grown rapidly. Today, one in three migrants in the world is heading to Europe. The level of interregional migration in Europe and Central Asia is also high, with 80% of emigrants moving to other countries in the region. “At the same time, serious opposition to migration is often noted. This is due to the fact that the benefits of migration are manifested in the long run, while costs, such as forced displacement and unemployment, arise immediately and are concentrated in certain groups”.

Policymakers need to support these groups through retraining programs, as well as changing youth education systems so that young professionals do not compete with less skilled migrants. Such measures may include the payment of temporary social benefits and unemployment insurance benefits, the report said.

Migration is also associated with fears of a “brain drain” from donor countries represented by skilled workers, since the percentage of emigrants with a higher level of education in the region is usually higher. People with higher education make up 55% of the total number of emigrants from Bosnia and Herzegovina, more than 40% of emigrants come from Armenia and Latvia and about 40% of emigrants – from Albania, Moldova, Northern Macedonia, Kyrgyzstan, Kazakhstan, Romania and Tajikistan. Such sustained trends are often the result, not the cause of deeper problems.

source: worldbank.org

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