The International Organization for Migration (IOM) has reported that migrant remittances grew by 650 percent worldwide. The total amount increased from $128 billion in 2000 to $831 billion in 2022. This growth has now passed foreign direct investment (FDI) as a major boost to the economies of developing countries.
The World Migration Report 2024 showed that $647 billion of the total remittances went to low- and middle-income countries. These funds help families pay for important needs like education, healthcare, and housing. Despite fears that the COVID-19 pandemic would cause a drop, remittances stayed strong and continued to rise.
Amy Pope, Director General of IOM, spoke at the launch of the report in Bangladesh. She said migration is often misunderstood because of false information. The report, however, gives clear facts to help countries make better policies.
“Understanding migration is very important for good decisions. This report explains the real facts about migration and the challenges we face,” Pope said.
The report shows that migration plays a big role in helping economies grow and improving lives. By the end of 2022, there were 281 million international migrants in the world. At the same time, 117 million people were displaced because of conflict, violence, or disasters. This is the highest number ever recorded. These figures show the need for countries to work together to solve migration and displacement problems.
Bangladesh was chosen as the launch site for the World Migration Report 2024. The country has made strong efforts to protect migrants and promote safe migration. Dr. Hasan Mahmud, Bangladesh’s Foreign Minister, said the country will continue to address migration issues both locally and globally.
“Bangladesh will keep working on its promises and help discuss migration issues worldwide,” Mahmud said. He called for all countries to work together to use migration as a tool for growth and development.
The report explains that migration is usually safe, regular, and driven by job opportunities. However, many people misunderstand it because of false stories. The IOM says it is important to share accurate information about migration to help people understand its benefits.
The 650 percent increase in remittances between 2000 and 2022 shows how important migration is. These funds not only help families but also strengthen economies in developing nations. The growth of remittances, even during the COVID-19 pandemic, proves how valuable migrants are to the global economy.
Amy Pope said she hopes the report will inspire countries to work together. “When managed well, migration can reduce poverty, improve lives, and grow economies,” she said.
The World Migration Report 2024 calls for better cooperation, stronger policies, and clear facts about migration. It highlights how migration can improve global development while solving challenges like displacement and false information.