Will Skilled Migrants Continue to Thrive in the Future?
Skilled Migrants Continue to Thrive in the UK
It is no secret that the world has become far easier to navigate. Enabled by a combination of multinational trade deals, favourable immigration laws and fast-improving transport links, millions of people have migrated elsewhere to start a new life and career. In recent years, the number of migrants to other countries has grown.
The UN’s recent International Migration Report for 2017 revealed that an estimated 258 million people live in a country different to that of their birth. This is a rise of 49% compared to figures from 2000. Many of those people are skilled migrants, choosing to work overseas because of greater job opportunities, higher pay and job satisfaction, but what does the future hold for them?
Migrant New Challenges
There are a number of challenges facing migrant workers, the most immediate being political. In the UK, Brexit may see immigration laws tightened, regardless of where would-be foreign workers are coming from. Those who have already settled in the UK may find it harder to obtain residence, even if they are from an EU member state.
Financial challenges are also on the horizon. Migrant workers who have saved up thousands of Euros, Dollars, Rupees or Yen to move to the UK are seeing their money’s worth decrease. In the past 18 months, the Pound has gone down against the Euro from €1.27 to €1.12.
Those working in finance will have a keen eye on where Sterling goes in the coming months. In other major economies such as the US, China and Germany, domestic and global issues such as the environment may see their fortunes take a hit, dissuading migrant workers from moving there. Forex traders using Oanda will look to other currencies when trying to make money.
Uncertain Future for migration
Where migration is concerned, the environment will play a big role in where people can move to seek work. Over the coming decades, any acceleration in climate change will limit their options - warmer countries such as Australia and New Zealand would be off-limits, with Canada and northern Europe being the most alluring destinations.
Finally, there is demand for skilled migrants to consider. There are skill shortages in many developed countries, with the majority of EU states lacking ICT professionals. For that reason alone, migrant workers in some industries will have opportunities to move and further their careers abroad.
Overall, the picture for skilled migrants looks mixed. On the one hand, opportunities have arisen due to skill shortages in many parts of the world. Challenges such as climate change, political movements and fluctuating currency values stand in their way.