Changes in the Labor Market and Business Decision-Making Based on the IOM World Migration Report 2024

By: Trademagazin Date: 2024. 05. 07. 11:20

The International Organization for Migration (IOM) World Migration Report 2024 has unveiled significant data concerning global migration trends and challenges, which are particularly important for business decision-makers. The report emphasizes that over the past decades, international migration has continued to be a driving force for economic growth and development, which is supported by a substantial increase in international remittances. From 2000 to 2022, remittances grew from USD 128 billion to USD 831 billion, playing a pivotal role in enhancing the GDP of developing nations, even surpassing foreign direct investments in those countries.

For business leaders, understanding the economic impacts of migration, especially on the labor market, is crucial. The report highlights that a significant portion of these remittances is sent to low- and middle-income countries, contributing substantially to their GDPs. This factor directly affects the global labor market structure and dynamics, as increased income in developing countries can improve local economies and thereby employment opportunities.

According to the report, there are 281 million international migrants worldwide, many of whom have been displaced due to conflict, violence, disasters, and other reasons. This high number underscores the urgent need for governments and business sectors to address migration-induced crises and develop integrated solutions.

The report notes that most migration is regular, safe, and regionally focused, directly linked to opportunities and livelihoods. This implies that business leaders need to engage in strategic planning in labor market and human resource management, taking into account migration trends and their impacts.