Immigration is surging, with big economic consequences

THE rich world is in the midst of an unprecedented migration boom. Last year, 3.3 million more people moved to America than left, almost four times typical levels in the 2010s. Canada took in 1.9 million immigrants. Britain welcomed 1.2 million people and Australia, 740,000.

In each country the number was greater than ever before. For Australia and Canada, net migration is more than double pre-Covid levels. In Britain, the intake is 3.5 times that of 2019.

Big movements of people have big economic consequences. According to the International Monetary Fund (IMF), the foreign-born labour force in America is 9 per cent higher than at the start of 2019. In the eurozone, Canada and Britain, it is around a fifth higher.