The International Organisation for Migration’s (IOM) World Migration Report 2024 indicates that migrant remittances surged by an astonishing 650 per cent globally, rising from $128 billion in 2000 to $831 billion in 2022.
According to BusinessDay, this dramatic increase has outpaced foreign direct investment in boosting the GDP of developing nations.
By the end of 2022, there were 281 million international migrants and 117 million displaced persons globally, according to the report.
This significant shift in global migration patterns underscores the impact of migration on human development and economic growth, even amidst the challenges posed by COVID-19. Contrary to many analysts’ predictions that remittances would sharply decline due to the pandemic, they have continued to rise.
Amy Pope, the director general of IOM, formally released the report in Bangladesh—a country at the forefront of migration challenges, including emigration, immigration, and displacement.
