The economic impact of migration in the Era of Globalization

Abstract

Abstract The phenomenon of globalization has greatly influenced migration in recent years in the European Union. In this article we aim to analyze the benefits of migration in the economy by emphasizing the impact of remittances on the economic development of a country. Remittances are considered as an external source of important, stable funds that help the economic development of a country. We identify also the macroeconomic determinants of remittances. For the statistical and econometric analysis of these factors, we have chosen to use the Panel Data Regression for the countries of the European Union. To analyze the benefits of remittances, the most appropriate macroeconomic indicator is GDP. So in the first part of the article we will present the impact of globalization and migration on remittances, and in the second part we will highlight the economic growth through the presence of remittances. This article examines the role of migrants as a particular segment of the market and as a resource for development. All aspects to be analyzed will outline an overview of population emigration and factors that influence the development of the economy at a time when globalization is on the rise.