Migration has a big effect on jobs and how much people earn. Here’s how it works:
More Workers: When more people move to a country, there are more workers available. For example, from 2004 to 2020, the number of migrant workers in the UK grew by 2.5 million.
Wage Changes: If a lot of low-skilled workers come in, it might lower wages in certain jobs. Studies show that wages in low-skill jobs can drop by up to 4% after a lot of people migrate.
Filling Skill Gaps: Migrants often have skills that help fill in the missing spots in the job market. For instance, in 2019, 60% of doctors in the NHS (the UK’s healthcare system) were migrants, which is really important for providing good healthcare.
Boosting the Economy: Migration can help the economy grow. The International Monetary Fund (IMF) says that if migration increases by 1%, the Gross Domestic Product (GDP) can go up by as much as 0.5%.
In short, migration plays a key role in how jobs and the economy work, affecting both competition and growth.
Migration has a big effect on jobs and how much people earn. Here’s how it works:
More Workers: When more people move to a country, there are more workers available. For example, from 2004 to 2020, the number of migrant workers in the UK grew by 2.5 million.
Wage Changes: If a lot of low-skilled workers come in, it might lower wages in certain jobs. Studies show that wages in low-skill jobs can drop by up to 4% after a lot of people migrate.
Filling Skill Gaps: Migrants often have skills that help fill in the missing spots in the job market. For instance, in 2019, 60% of doctors in the NHS (the UK’s healthcare system) were migrants, which is really important for providing good healthcare.
Boosting the Economy: Migration can help the economy grow. The International Monetary Fund (IMF) says that if migration increases by 1%, the Gross Domestic Product (GDP) can go up by as much as 0.5%.
In short, migration plays a key role in how jobs and the economy work, affecting both competition and growth.