By Sam Jones, The Guardian
The large-scale migration of people from poor countries to richer ones will “reshape economic development for decades” but could help end extreme poverty and increase global prosperity if the flow is properly harnessed and regulated, according to the World Bank.
The global monitoring report 2015/16, published at the start of the bank’s annual meeting with the International Monetary Fund (IMF), notes that the world is undergoing a major demographic shift as population growth slows in developed countries but continues to rise in some less developed ones.
Although the demographic changes vary from country to country, the overall trends are stark: while more than 90% of global poverty is concentrated in lower-income countries where populations are young and fast-growing, more than 75% of global growth occurs in higher-income countries where women have fewer children, where there are fewer people of working age and where the proportion of elderly people is on the increase.
Jim Yong Kim, president of the World Bank group, said the current era of demographic change could prove to be “an engine of economic growth” if the right policies were in place to facilitate migration.
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