This is not a typical post for this website, it has (on the surface) nothing much to do with Financial Markets and Financial Institutions.

It is, however, an important element to take into account when analysing the economic future of many countries, whether those are countries from which people are fleeing or being displaced, or destination and safe-haven countries.

People migrations are influenced or triggered by environmental changes, but they will also in turn have a bearing on environmental transformations (see chapter 9).

Impacts on geopolitics, and subsequently on credit risks, cannot be underestimated, as we saw with the Belarus / Poland (or EU) border issue recently.

A couple of numbers highlight the scale of migrations:

– in 2020, international migrants represented 281M people or 3.6% of the world population – at this rate, the whole world population would migrate over a generation!

– nearly 90M people live in displacement and are not settled in = refugees, asylum seekers, internally displaced people.

– remittances account for more than $700 Billion per annum,


The UN report: