YEREVAN, MAY 7, ARMENPRESS. The International Organization for Migration (IOM) today launched the World Migration Report 2024, which reveals significant shifts in global migration patterns, including a record number of displaced people and a major increase in international remittances.  

The report highlights that international migration remains a driver of human development and economic growth, highlighted by a more than 650 per cent increase in international remittances from 2000 to 2022, rising from USD 128 billion to USD 831 billion. The growth continued despite predictions from many analysts that remittances would decrease substantially because of COVID-19.  

Of that 831 billion in remittances, 647 billion were sent by migrants to low– and middle-income countries. These remittances can constitute a significant portion of those countries' GDPs, and globally, these remittances now surpass foreign direct investment in those countries. 

The report reveals that while international migration continues to drive human development, challenges persist. With an estimated 281 million international migrants worldwide, the number of displaced individuals due to conflict, violence, disaster, and other reasons has surged to the highest levels in modern-day records, reaching 117 million, underscoring the urgency of addressing displacement crises.  

At the same time, the report adds that most migration is regular, safe, and regionally focused, directly linked to opportunities and livelihoods.