Migrant remittances surge by 650% globally, between 2000 and 2022

The International Organization 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.

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.

The report highlights that international migration continues to be a vital driver of human development and economic growth, with remittances playing a crucial role in supporting the economies of developing nations.

“The World Migration Report 2024 helps demystify the complexity of human mobility through evidence-based data and analysis,” Pope said during the launch of the report.

“In a world grappling with uncertainty, understanding migration dynamics is essential for informed decision-making and effective policy responses, and the World Migration Report advances this understanding by shedding light on longstanding trends and emerging challenges.”

Migrant remittances surged to $831 billion globally between 2000 and 2022, marking a 650 per cent increase and now surpassing foreign direct investment in boosting the GDP of developing nations. Of this total, $647 billion was sent by migrants to low- and middle-income countries, significantly impacting their economies.

According to the International Organization for Migration’s (IOM) World Migration Report 2024, these remittances constitute a substantial portion of these countries’ GDPs. Despite predictions of a decline due to COVID-19, remittances continued to rise, highlighting the resilience of migrant contributions.

The report reveals that international migration remains a major driver of human development and economic growth. However, challenges persist. There are an estimated 281 million international migrants worldwide. Additionally, the number of displaced individuals due to conflict, violence, disasters, and other factors has reached 117 million, the highest level in modern-day records. This underscores the urgent need to address displacement crises.

According to the report, migration is a fundamental aspect of human history but often misunderstood and overshadowed by sensationalised narratives, and is mostly regular, safe, and regionally focused, driven by opportunities and livelihoods.

The report asserts that misinformation and politicisation have clouded public discourse, highlighting the necessity for a clear and accurate portrayal of migration dynamics.

Bangladesh: A case study in addressing migration issues

Bangladesh showed a strong commitment to tackling migration issues and implementing policies that protect migrants’ rights.

The country was therefore chosen as the launch site for the 2024 World Migration Report by IOM due to its role as a champion for safe, orderly, and regular migration, aligning with IOM’s strategic objectives.

By focusing on Bangladesh, IOM underscores the country’s efforts in supporting vulnerable migrants and promoting pathways for regular migration. This recognition also highlights Bangladesh’s significant role in shaping global migration discourse and policy.

“As one of the champion countries, Bangladesh will not only continue to act upon the pledges it has made for its domestic context but will also take up emerging issues and challenges pertaining to migration and development for informed deliberations at the international level,” said Dr Hasan Mahmud, honourable foreign minister, Government of the People’s Republic of Bangladesh.

“We hope the report inspires collaborative efforts to harness the potential of migration as a driver for human development and global prosperity,” Pope said.