How do immigrants affect the economy?

in Project HOPE2 years ago

Immigration

People migrate inside their own countries and between countries for various reasons, the main one being to simply try to have a better life.

The Economy

But how does the movement of a huge number of people affect how we live and how rich we are as a planet, as a country, or as a city?

Benefits

First off, let's take a look at what's good about immigration:

Increased Population

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In general, a city or a country gets richer and increases its influence by the mere fact that more people work and spend in that city or country, which in turn creates more business and investment opportunities.

This is even more clear if the immigrants are very qualified and well-off!

Better Quality of Life

The immigrants themselves will probably also see a huge boost to their quality of life because if it wasn't so, they probably wouldn't have moved!

Costs

While the boost to economic activity is very obvious, immigration can also have some impactful short-term consequences, such as:

Poverty

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If immigrants are poor, they probably also lack qualifications and financial literacy, leading them to possibly pass on that lack of knowledge and poverty-creating habits to their children.

In this case, they might also benefit from a State's Social Security before starting to pay taxes.

Inequality

Immigrants can also increase inequality, either by being rich and going to a poor country or by being very poor in a rich country.

Increased inequality can, as we have explored in previous posts, create a lot of problems for society.

Conclusion

In the end, we can see that, while on average and on the long term, immigration is most definitely good, it can still be very hard to embrace, as it carries with it short-term pain.

Do you think your country would benefit from increased immigration as soon as COVID restrictions are lifted?

Thanks for reading!
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