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Migration, an engine of economic growth: World Bank

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Lima: The World Bank, in its 2015-2016 Global Monitoring Report, has said migration is presently a permanent feature of the global economy and could be an engine of growth.

In the report, the institution’s President Jim Yong Kim on Thursday said the migrant crisis in Europe will prove to be good for the world economy, Xinhua reported.

The report was released prior to the World Bank Group-International Monetary Fund annual meetings scheduled to be held in Lima, capital of Peru, from Friday to Sunday.

“With the right set of policies, this era of demographic change can be an engine of economic growth,” said Kim, after the release of the report.

Subtitled “Development Goals in an Era of Demographic Change”, the report came as a jarring counterpoint to the attitude of many developed countries who see migration as something to be fought off.

From fiery rhetoric among Republican presidential candidates in the US to attack ads placed by the Danish government in Lebanese newspapers, migrants are often treated as pariahs that leech off dwindling public resources.

Kim rubbished this viewpoint, saying “if countries with ageing populations can create a path for refugees and migrants to participate in the economy, everyone benefits. Most of the evidence suggests that migrants will work hard and contribute more in taxes than they consume in social services”.

According to the World Bank’s analysis, the core evidence of this statement came from the difference in working-population percentages between developing and developed economies.

Its findings showed the share of global population of working age has peaked at 66 percent and is now dropping.

The report said the share of the elderly will double to 16 percent of the global population by 2050 while the number of children will remain steady.

Therefore, in many wealthier nations, a demographic imbalance threatens to bankrupt social services and public resources.

The nations that provide the vast majority of migrants, however, are comprised of “young, fast-growing populations that can expect to see their working-age populations grow significantly”.

“At the same time, more than three-quarters of global growth is generated in higher-income countries with much-lower fertility rates, fewer people of working age, and rising numbers of the elderly,” Kim said.

(IANS)

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To Help Poor Countries Adapt To Global Warming, World Bank Doubles Its Funding

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate.

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Drought, Climate change, global warming
A farmer stands on cracked earth that three weeks earlier created the bottom of a reservoir on his farm, in Groot Marico, South Africa. VOA

The World Bank has announced it is doubling its funding to help poor nations adjust to global warming to $200 billion over five years.

“If we don’t reduce emissions and build adaption now, we’ll have 100 million more people living in poverty by 2030,” the bank’s climate change chief John Roome told the French News Agency.

“And we also know that the less we address this issue proactively in just three regions – Africa, South Asia, and Latin America – we’ll have 133 million climate migrants, Roone cautioned.”

Helping poorer nations adapt to a warmer environment and the weather extremes that come with it include building sturdier homes, finding new sources of fresh water, and what the bank calls “climate smart agriculture.”

Climate change, ice, China, emissions, Global Warming
An ice crevasse is seen on the Baishui Glacier No. 1, the world’s fastest melting glacier due to its proximity to the Equator, on the Jade Dragon Snow Mountain in the southern province of Yunnan in China. VOA

The World bank ‘s announcement comes as delegates from 200 countries started a two week-long climate change conference in Katowice, Poland.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said Sunday.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said at the start of climate talks in Poland.

“This year is likely to be one of the four hottest years on record. Climate change impacts have never been worse. This reality is telling us that we need to much more,” she said Sunday.

Negotiators from nearly 200 nations are in the southern Polish city of Katowice for two weeks of talks on implementing the landmark 2015 Paris Accord. Signatories to that agreement pledged to cut greenhouse gas emissions and limit the rise in global temperatures to less than two degrees Celsius by 2030.

Climate change, emissions, Global Warming
U.N. Climate chief Patricia Espinosa (C) is flanked by officials during a press conference at the COP24 climate change summit in Katowice, Poland, VOA

“Looking from the outside perspective, it’s an impossible task,” Poland’s Deputy Environment Minister Michal Kurtyka told the Associated Press last week.

“The United Nations secretary-general is counting on all of us to deliver. There is no ‘Plan B'”

The climate change talks got a boost when 19 of 20 G-20 nations meeting in Buenos Aires reaffirmed their commitment to fighting climate change.

 https://youtu.be/mbt6_4IgZNg

The United States was the only holdout. President Donald Trump has threatened to pull the U.S. out of the Paris agreement because of what he says is the economic damage the treaty’s provisions would cause.

Trump is a promoter of fossil fuels and nuclear power and has proposed renegotiating the Paris Accord – an idea many dismiss as impractical.

Also Read: Climate Change To Get Worse In The Future: Study

Host country Poland is expected to propose what it calls a “just transition” for the oil, gas, and coal industries to ease the financial blow from the move away from such polluting sources of energy.

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate. (VOA)