GENEVA, Switzerland—There have been significant shifts in global migration patterns, including a record number of displaced people, and one result is a major increase in international remittances, the International Organization for Migration is reporting.
It included the data in its new World Migration Report 2024.
“The World Migration Report 2024 helps demystify the complexity of human mobility through evidence-based data and analysis,” IOM Director General Amy Pope said in a statement. “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.”
According to the report, international migration remains a driver of human development and economic growth, highlighted by a more than 650% increase in international remittances from 2000 to 2022, rising from $128 billion to $831 billion.
“The growth continued despite predictions from many analysts that remittances would decrease substantially because of COVID-19,” the organization said.
‘Significant Portion’
Of that 831 billion total remittances, 647 billion were sent by migrants to low– and middle-income countries.
“These remittances can constitute a significant portion of those countries' GDPs, and globally, these remittances now surpass foreign direct investment in those countries,” IOM said.
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