International migration plunged 46% over the past year as the pandemic has hindered mobility for millions of migrant workers worldwide. The Organization for Economic Cooperation and Development (OECD) tracks the issuance of new visas and permits by the organization’s 37 member countries, including the United States. The OECD found that new visas and permits fell by 46% in the first half of 2020 versus the first half of 2019. Prolonged travel restrictions along with remote working has made it difficult for migrant workers to transition from country to country for high demand jobs.
Over the decades, various industries in different countries have sought out workers with special skills. Workers in high demand with unique skill sets have garnered higher wages in certain countries, thus increasing migration. The inability to mobilize has led to fewer wage increases for certain workers as well as employers not able to fill particular positions.
Larger populations of immigrant workers are usually characteristic of industrialized countries with ample jobs and industries. Besides the United States, several European countries also host higher percentages of immigrant worker populations. Countries with the largest immigrant percentages in Europe include Switzerland and Luxembourg, while Australia and New Zealand maintain nearly a third of their population composed of immigrants. According to the OECD, the U.S. currently maintains roughly 13.6% of an immigrant population, lower than some other developed economies.
Sources: The Organization for Economic Cooperation and Development
Disclaimer: The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products, or investment advisory services. All information, views, opinions, and estimates are subject to change or correction without notice. Nothing contained herein constitutes financial, legal, tax, or other advice. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. Please consult your advisor about what is best for you.