Migration, long a politically sensitive topic, will become an economic necessity over the next decade as countries struggle with the strains of an ageing population, the World Bank said on Tuesday.
The multilateral lender said the rising share of older people — especially in richer economies, where almost a fifth of people are now aged over the standard retirement age of 65 — would place increasing strain on global economic growth, public finances and social cohesion.
“Over the next decade, all countries, whatever their income level, will find migration increasingly necessary,” the bank said, adding that governments needed to do more to attract foreign workers. Current approaches created “large inefficiencies and missed opportunities” while leading to human suffering.