Commentary
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Alexandra Prokopenko
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Migrants and the Global Financial Crisis
Migrants are economic assets for both their host and home countries, but they are disproportionately affected by the global financial crisis. Temporary migration programs and collaboration with migrant-sending countries can help maximize the economic benefits of migration, even in times of crisis.
Published on Dec 8, 2009
More than 200 million people reside in a country that is not their birthplace. This “diaspora nation” of migrants outranks all but four of the world’s countries in population. These migrants make an immense economic contribution both to their host country and to their home country, primarily through transfers of money they earn back to their home country, which are known as “remittances.” About 82 percent of migrants originate in developing countries, and their remittances, which amounted to an estimated $305 billion in 2008, represent an essential source of foreign exchange for these countries, as well as a major instrument in the fight against poverty.
- Migrants are economic assets for both their host and home countries, but the global financial crisis has disproportionately affected migrants, who are both economically and politically vulnerable.
- Migration responds to labor demand in the host country—it increases during economic booms and decreases during busts, thus minimizing competition with native-born workers.
- Policy makers in host countries should resist political pressures calling for measures against migrants and make sure that migrants’ contribution to economic welfare is more broadly understood.
- Temporary migration programs and collaboration with migrant-sending countries can help maximize the economic benefits of migration, including in times of crisis.
About the Authors
Uri Dadush
Former Senior Associate, International Economics Program
Dadush was a senior associate at the Carnegie Endowment for International Peace. He focuses on trends in the global economy and is currently tracking developments in the eurozone crisis.
Lauren Falcão
Former Junior Fellow, Trade, Equity, and Development Program
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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