International Organisation for Migration’s (IOM) world migration report reveals a surge in international remittances, soaring by over 650 per cent from $128 billion in 2000 to $831 billion by 2022.
The IOM unveiled its 2024 World Migration report yesterday, 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.
IOM Director General, Amy Pope, emphasised the report’s role in unravelling the complexity of migration through data-driven insights.One of the report’s revelations is the surge in international remittances, soaring by over 650 per cent 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.
