2024-05-06
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The Economist.
Hi, this is Tom Lee Devlin, co-host of Money Talks,
our weekly podcast on markets, the economy and business.
Welcome to Editor's Picks.
Here's an article handpicked from the latest edition of The Economist, read aloud.
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 had big economic consequences.
According to the IMF,
the foreign-born labour force in America is 9% higher than at the start of 2019.
In Britain, Canada and the Eurozone, it is around a fifth higher.
America's immigration surge means that its economy will be 2% larger over the next decade than had been forecast.
The influx of workers also helps explain the country's strong economic growth.
But immigration's impact goes well beyond an arithmetical effect on GDP.