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The Impact of the Global Financial Crisis on Migration. IOM Policy Guidance. Note 1

Document number
2008
Date
2009
Title
The Impact of the Global Financial Crisis on Migration. IOM Policy Guidance. Note 1
Author/publisher
International Organization for Migration (IOM)
Availability
View/save PDF version of this document
Document type(s)
Research/Study/Analysis,
Keywords
Unemployment, Poverty, Community development, Social security,
Summary
The current global financial crisis is expected to lead to a downturn in the global economy (and perhaps a deeper recession). The depth and extent of the crisis is difficult to predict and the impact of the crisis is likely to vary according to country, geographic region and employment sector. During economic downturns, however, migrant workers are often the first to lose their jobs and while some may well choose to return home, policies aimed at sending migrant workers home are not the solution and could have potentially disastrous consequences for development, given the scale of remittances - expected to reach USD 283 billion to developing countries in 2008 - and the already high levels of unemployment in developing countries. Calls to reduce migration in destination countries tend to be based on the false perception that "migrants take jobs" or "compete for welfare benefits", when in fact the majority of migrants create economic activity and jobs.
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