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Encouraging global work migration is key vital step that is sure to boost economy. However politicians with their narrow national interests have so far ignored this avenue.
- For example, Japan stands as one of the most averse to migration, be it economic, work or asylum. Japanese Prime Minister Shinzo Abe has been launching measures to boost economic output by $1.1 trillion but this migration issue is still far from consideration.
How can work migration help Japanese economy?
- Japanese unemployment rate stands among the lowest in the world at 3.4% in August, marginally up from July's 3.3%.
- July's level was lowest since April, 1997.
- At the same time latest report shows, job availability has reached 23.5 year high, a level not seen since January 1992.
Similar trend is seen in the US economy.
- Job openings have reached 5 million, multi decade high in US whereas close to 2 million is still unemployed and jobless rate is at 5.1%
- Despite this massive gas in openings and unemployment wages are actually not rising, suggesting considerable skill gap in the economy.
Opening up to work-migration by easing the rules, economy can operate at much higher pace and that not necessarily reduce domestic job creation.
Moreover it will help reduce global unemployment at a time when Japan is enjoying 3.3% rate and Europe suufering with 11%.
