America is currently experiencing a significant migration boom, with unprecedented numbers of people moving to the country. Last year, the United States saw 3.3 million more people arriving than leaving, which is almost four times higher than typical levels in the past decade. This surge in immigration has had significant economic consequences, with the foreign-born labor force growing by 9% since the start of 2019.
Canada and Britain have also seen record-breaking levels of net migration last year, with Canada welcoming 1.9 million immigrants and Britain receiving 1.2 million new arrivals. These numbers represent more than double their pre-covid levels of net migration for both countries. Australia’s net migration intake was also up by 740,000 in 2021, compared to just over half a million in 2019.
The large movements of people have influenced factors like inflation, living standards, and government budgets beyond just GDP growth. However, immigration has also brought challenges to these countries’ economies and societies. One important aspect of the recent wave of immigrants is that a larger proportion of them are low-skilled compared to previous arrivals. This could lead to increased competition for jobs and wages in certain sectors and may result in some negative effects on living standards for all citizens if not managed properly by policymakers.