🏠Introduction

Regular migration on a global level can be a powerful tool in the fight to end poverty around theworld.

High-income destination countries could benefit even more from efficient labor policies, the useof technology, and better management of current migration systems.

Global migration has lifted millions of people out of poverty and boosted economic growth,according to new World Bank reports. However, if destination countries do not implementpolicies that address labor market forces and manage short-term economic stresses, they risklosing out in the global competition for talent and leaving large gaps in their labor market.

Large and persistent wage gaps around the world are the main drivers of economic migrationfrom low-income to high-income countries. Migrants often triple their wages after moving toanother country, helping millions of them and their families in their home countries escapepoverty. Destination countries often benefit from migrants performing essential roles rangingfrom pushing the technological frontier in Silicon Valley to building skyscrapers in the MiddleEast. Despite the lure of higher wages, for more than five decades the share of migrants in theworld’s population has remained virtually unchanged, while global trade and investment flowshave increased exponentially.

Migration flows are highly concentrated by location and occupation. Today, the top 10destination countries receive 60% of the world’s estimated 281 million international migrants.

Strikingly, concentration levels increase when skill and dexterity levels are higher. The UnitedStates, the United Kingdom, Canada and Australia host almost two-thirds of migrants withhigher education.

Women’s educational levels are increasing rapidly, especially in developing countries, butopportunities for career growth remain limited. Consequently, university-educated women fromlow- and middle-income countries constitute the fastest-growing group of migrants tohigh-income countries.

“Improved policies and the use of technology can manage these transitions in ways that arebeneficial in the long term for both citizens and migrants.”

More effective migration policies and the use of technology work with, rather than against,labour market forces. For example, where there is a large unmet demand for seasonal labour,temporary migration programmes, such as those in Canada or Australia, could address labourmarket gaps while discouraging permanent irregular migration.

Quotas should be replaced by technological mechanisms beyond markets to manage migrationflows. This merger would go beyond funding government assistance to displaced workers. Itwould address the most urgent labour market needs by connecting migrant workers with theemployers who need them most.

Creating a pathway to permanent residency for the most skilled and permanently employedmigrants creates incentives for them to fully integrate into labour markets and contributeeconomically and socially to the destination country.

In an increasingly interconnected world, the migration of people across borders has become a defining characteristic of modern society. The Migratum initiative aims to harness the potential of blockchain technology to create a robust ecosystem that supports financial services and migration services, ultimately empowering millions of individuals globally. This whitepaper outlines the vision, mission, and operational framework of the Migratum platform and the "Migra" (coin) cryptocurrency.