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INTERNATIONAL MIGRATION AND ECONOMIC DEVELOPMENT

Source: www.un.org
Topic: Economic Development

Sort Desciption: and economic development in many less developed countries (LDCs). The number of ... seem to promote economic development in some cases and not in others? ...

Content Inside: UN/POP/MIG/SYMP/2006/09 26 June 2006 INTERNATIONAL SYMPOSIUM ON INTERNATIONAL MIGRATION AND DEVELOPMENT Population Division Department of Economic and Social Affairs United Nations Secretariat Turin Italy 28-30 June 2006 INTERNATIONAL MIGRATION AND ECONOMIC DEVELOPMENT * J. Edward Taylor** ______________ *The views expressed in the paper do not imply the expression of any opinion on the part of the United Nations Secretariat. **University of California Davis. The international migration of labor is an important component of globalization and economic development in many less developed countries (LDCs). The number of international migrants or people residing in a country other than their country of birth has increased more or less linearly over the past 40 years from an estimated 76 million in 1965 to 188 million in 2005 as illustrated in Figure 1. International migration raises both hopes and concerns for the LDCs from which international migrants come. The migrants include millions of highly educated people from countries in which human capital is relatively scarce (e.g. see zden and Schiff 2005) but also significant flows of relatively low skilled workers whose productivity and wages are far higher abroad than at home. International migration also produces benefits. The most tangible of these are remittances the income that migrants send home. The flow of international migrant remittances has increased more rapidly than the number of international migrants from an estimated US$2 billion in 1970 to US$216 in 2004. 1 While the growth in international migration has been linear the growth in remittances has been nonlinear as one can see in Figure 2. On average each of the worlds international migrants is sending home more remittances today than in the past. There is not a single convincing explanation as to why this is so but it has important implications for economic development. Nearly 70% of all remittances go to LDCs. It is likely that these rem ...

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