Friday, March 27, 2015

More International Migration Could Double World GDP

From BloombergBusiness, "Here's One Way to Double the World's $80 Trillion Economy: Scrap Migration Restrictions: Eliminating cross-border barriers could lift global GDP by as much as 147 percent" by Michelle Jamrisko:
While a freer flow of goods alone can boost global gross domestic product by a modest amount, loosening of restrictions to international migration could lift growth worldwide by 67 percent to 147.3 percent, according to economists' estimates cited in research by Mark Wynne, vice president of the Federal Reserve Bank of Dallas. (Global GDP will probably be $81.5 trillion this year, International Monetary Fund estimates show.)

International migration is the "last frontier of globalization" while also appearing to show the least progress in recent decades, writes Wynne. While voluntary world migration showed progress between 1990 and 2010, it's been a slow climb in the post-World War II era, and nowhere near as simple as the passport-less world of a century ago, he writes.

Source: BloombergBusiness
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Source: BloombergBusiness