The International Organisation for Migration (IOM)’s world migration report reveals a surge in international remittances, soaring by over 650% from $128 billion in 2000 to an astounding $831 billion by 2022.
The IOM unveiled its 2024 World Migration report today marking a significant milestone in understanding global migration trends.
With the launch held in Bangladesh, a nation struggling with multifaceted migration challenges, the report sheds light on the intricate dynamics of human mobility worldwide.
The report insights
IOM Director General, Amy Pope, emphasized the report’s role in unraveling the complexity of migration through data-driven insights.
“In a world fraught with uncertainties, comprehending migration dynamics is paramount for informed decision-making and effective policy responses,” Pope stated during the launch event.
- One of the report’s revelations is the surge in international remittances, soaring by over 650% from $128 billion in 2000 to $831 billion by 2022.
- Despite projections of a decline due to the COVID-19 pandemic, remittances continued to rise, highlighting the resilience of migrant communities.
- Of the total remittances, $647 billion flowed into low- and middle-income countries, significantly contributing to their GDPs.
- These remittances now surpass foreign direct investment in many of these nations, highlighting their crucial role in economic development.
Despite the positive economic impact, challenges persist in the realm of migration. With an estimated 281 million international migrants globally, the number of displaced individuals reached a record high of 117 million by the end of 2022.
- This surge highlights the urgent need to address displacement crises arising from conflicts, violence, and other factors.
- The report also aims to dispel misconceptions surrounding migration, emphasizing that the majority of migration is regular, safe, and regionally focused.
- However, sensationalized narratives and misinformation have obscured the true nature of migration, necessitating a more nuanced understanding.
By selecting Dhaka as the launch site, IOM acknowledges Bangladesh’s pivotal role in shaping migration discourse and policy. As a Global Compact for Safe, Orderly, and Regular Migration Champion country, Bangladesh has demonstrated a steadfast commitment to addressing migration issues and safeguarding migrants’ rights.
What you should know
The World Migration Report 2024, equipped with innovative digital tools and comprehensive analysis, aims to inspire collaborative efforts in harnessing migration as a driver for human development and global prosperity.
With insights gleaned from the report, policymakers and stakeholders are poised to navigate the challenges and opportunities of human mobility in the years to come.
