Working-age population in western Europe set to decline 14% between 2020 and 2050, says World Bank
Strong migration policies can help drive growth and competitiveness in Europe and Central Asia, according to a report released Thursday by the World Bank.
"Aging populations are making migration increasingly vital for unlocking economic growth, boosting competitiveness, and tackling inequalities in Europe and Central Asia," said the report titled The Journey Ahead: Supporting Successful Migration in Europe and Central Asia.
"As populations age in high- and middle-income countries worldwide, competition for workers is intensifying," it added.
The World Bank said the working-age population in western Europe is set to decline 14% between 2020 and 2050, which stressed the need to attract foreign workers in order to sustain economic growth in the coming decades.
In many ECA countries, according to the publication, emigration generates income flows through remittances, investments, and skills transfers, but it also creates challenges such as brain drain.
"Managed well, migration can work for everyone involved—countries of origin, destination countries, and migrants themselves," said World Bank Regional Director for Human Development, Europe and Central Asia Michal Rutkowski.
"Effective migration policies can help match workers' skills with destination countries' needs, strengthen refugee support, and relieve pressures that force people to migrate," he added.
The report also found that rising income disparities, climate change, and conflicts are expected to drive global migration trends.
The World Bank advised governments to distinguish between high-skilled and low-skilled migrants, as well as refugees, tailoring solutions to people's specific needs and reasons for migrating.
"Evidenced-based policies that promote safe and orderly cross-border movements are essential for maximizing the shared gains of migration," the report said.
