Remittances sent home by people who have migrated abroad have outstripped foreign direct investment in developing nations for the first time, a new report has found. The International Organization for Migration found that international transfers increased 650% from $128bn (£102bn) to $831bn (£662bn) between 2000 and 2022. “The growth continued despite predictions from many analysts that remittances would decrease substantially because of Covid-19,” IOM said in its World Migration Report 2024. “The anti-migration sentiment we’re hearing from so many different parts of Europe suggests that Europe needs to stop migration, where the evidence shows that Europe needs migration. “However, the visa restrictions in place for countries with very low levels of human development indicate that regular migration pathways are problematic for citizens,” the report says.

Source: The Guardian May 07, 2024 16:57 UTC