Migration Flows and Their Socio-Economic Impact

The deepening of globalization is associated with an ever-increasing level of international migration (Artal-Tur et al. 8). In order to better understand the implication of the phenomenon, it is necessary to explore it from the demographic, social, and economic points of view. One should understand that migration is a powerful force of socio-economic change that helps to broaden opportunities for people from poor countries (Artal-Tur et al. 8). Host countries that are on the receiving end of the migration process often experience the issue of an aging population; therefore, they are badly in need of migrant laborers who could fill the gap in the workforce. Migratory flows are known to be largely positive for both home and host countries— receiving countries usually experience growth of employment rate while home countries are benefiting from “capital cushion against economic shocks” (Artal-Tur et al. 9) provided by migrants’ remittances. Nonetheless, there are also negative consequences of migration: ‘brain drain’ and reduction of a total factor of productivity (Artal-Tur et al. 13)