Introduction

An economy of a country plays an imperative part in setting up the development and maintaining the need of the citizen of the state. The fiscal consequence of migration diverges extensively. Nations can both losses and gains in the diminutive term but may stand to gain over the longer term. People who migrate face several issues that can influence their psychological health including the loss of cultures and customs. Religious values, community support organizations, modification to a new culture, and change of identity and perception of self can bring changes in an economic structure of a nation (Boubtane, & Durmont, 2013). The present paper will discuss the economic effects in terms of migration and the effect of migration on the economy of the country. The advantages and disadvantages of migration and its effect on the economy of the country will also be highlighted. The current paper will also shed light on how it affects the other system also.

During a recent forum, a representative for the Migration Council of Australia has stated that migration has an affirmative influence on the economy of Australia. It upsurges employment rate, intensifications the consumption of products and amenities, and migrant workers incline to be less of a liability on government facilities while still repaying levies. As Australia priorities skilled migration, people who work in lower-skilled works are satisfied. Augmented domestic demand pushes up remunerations at the lowest. Now the question arises if migration is good for the economy or not. Migration is an essence of economic and social lives throughout many nations, nut the profile of the migrant population varies considerably.

It is partially because of the abundance of migration factors. Citizens of the nation enjoy widespread freedom of movement in many cases. In various of the stances, citizens of the country enjoy widespread privileges to free movement. Moreover, in Australia, managed labour migration plays an essential character. Migration improvements the working-age residents. Migrants reach with expertise and add to the human capital development of the receiving nation. Furthermore, migrants also underwrite to the technological development of a country (Castles, 1992).

Migrant workers make an important contribution to the labour market in both high and low skilled occupations:

The education status of immigrants varies considerably. It simply relates to the young immigrants and the old immigrants who are nearly at the age of retirement. A young and fresh immigrant can be used in many ways in the field of employment or the field of education. The capability of the young immigrants is much more beneficial in comparison to the old immigrants as the old immigrants are not in stage and condition to serve any further employment, because of which the population of immigrants increases and not the profit (Frenkel, 2018).

Migration improves work prospects as migrants settle in Australia and build employment for the local population. One of Australia's migration programs is business migration which promotes entrepreneurs to start new businesses in Australia to stimulate economic growth of Australia. By implementing this form of migration plan and running their company in Australia, these people surely generate more job opportunities. Migrants are claimed to benefit the economic development of a nation according to the 3 "Ps" which are labour, participation, and competitiveness (Carvalho, 2016). It is reported that the improvement in domestic output will allow more exposure to economies of scale and foreign economic power due to the migrants flooding into Australia (Carvalho, 2016).

International migration impacts economic development both directly and indirectly. Where migration increases the workforce, there seems to be little question that the average GDP will rise. However, in terms of per capita GDP growth, the circumstance is less apparent. Statistics suggest that migrants are much more likely to be working, increasing the value of human resources, enhancing efficiency as well as engagement that stimulates Australia's GDP (Carvalho, 2016). Labour migration can be a tool for reacting to labour market demands and developments in a timely and efficient way, for fostering creativity and growth and for transferring and upgrading skills. For a variety of factors, the full extent of such opportunities is still not known. Migration is all very much connected to the unethical exploitation of labour. In the migration cycle, so many migrants face high social and economic costs, inequalities and prejudice in the workforce and the country of destination, and inconsistent outcomes have been obtained with integration programmes.

Migration initiatives have a broad variety of goals and little clear proof of the labour market. Labour ministries, employers' unions, industry, and workers' groups in many countries cannot participate in a substantive dialogue on migration. Moreover, migration development was not shared equally between migrants or the countries of origin and destination. In the most diverse areas of the economy, migrants play a prominent part (Carvalho, 2016). There are diverse communities in various countries. Migration enables host and beneficiary countries to interconnect their cultures and provides a multicultural context in these countries. A culture is an essential tool for depicting countries' historical lines. Cultural solidarity is a major component and important factor in those areas where displacement can be connected to reduce community cohesion, which can minimize to certain degree unemployment, population increase, crime, impoverishment, and anti-social conduct.

Migrants’ contribution more in taxes and social contribution than they receive in individual benefits:

Further study on this tells that the combined effect of migration trends that have landed in many countries during the last few years is on aggregate close to nil or can be said close zero. Immigrants are thus neither a burden to the public nor are they for addressing any kind of challenge. Migrants in many other countries pay more in taxation and mutual services than they do in individual benefits (Frenkel, 2018).

Further, it is discussed that the relationship between the migrants and the native people of Australia are developing and developed healthily in concern with the immigrants and integration of the cultural diversity, also this has embodied the central components of restructuring the state, increased the demands for socio-cultural conformity and discipline, any conversation or conservatism and has helped in the growth of the economy of the country. A bigger productivity population would improve our domestic development, which will allow us greater efficiencies of scale and international economic impact. Immigration to Australia is an Australian Government's long-term policy for handling Australia's economic fortunes (Frenkel, 2018).

Migrants play an important role in developing the economy of a nation as it helps in building the country's background financially and economically. People who migrate try their exposure on the other establishment and generally get successful on the same. Young migrants have proven that they can be an asset to the other country regarding knowledge, strength, power, and furthermore. It can also be accepted that migrants bring economic gain in a country. They boost the country's economy and employment rate and helps in gaining financial benefits. Young migrants play a major role in setting up the employment growth of the growth rate of people in the education sector. The education status of migrants differs according to the profession and the career they have opted for.

Young and fresh immigrants can utilize their talents and experiences in multiple ways. The capacity of the people can be tested through the process of providing employment to the immigrants and providing them a chance to explore their capability and apply it further accordingly. As it is clear that the economy of a country plays an important role in development in account of building up the nation also fulfilling the requirements of citizens, it varies in the wider sense. The countries taking part in shall gain and loss in the terms shortly but shall gain in the long run. Individuals who migrate from one place to another mostly suffer the experience or different stresses which can lead the person in mental disorder or mental effect and they are well being which shall include the loss of cultural norms and values. The identity of a person has changed as soon as the issue of religious customs, social support, and situations get attached.

Further, the study tells about the cumulative impact on the immigrants that have arrived in overall since the past years is nearly zero, also considering hem burden shall be an insult to their ambition and the goal they carry and seek forward to complete it in the other country or specifically in Australia. Immigrants are the people who generally pay more tax in comparison to the native people of Australia. An economy is the major part of a country to get financial and economically strong to maintain the needs of citizens and complete the development needs and requirements of the country. To run a country, the most important role is played by the economic sector which provides citizens every required facility in the country. The more the rate of employment increases, it shall bring the boost in the growth rate of the economy as well. This implies that the increase in the economy increases the facilities for the citizens, and either it is related to tourism or the internal need of the country. Immigrants also share the cultural differences between two nations or states, which not only helps in building the interaction but also share the culture from one country to another.

According to the people living in Australia, the exact social impact of an immigrant for his life depends on the substantial and assumption or prediction in many ways regarding the age and the arrival of the immigrant’s education, reason related to it, and related similarity (Kerr& Kerr, 2011)). Opportunities related to employment are the common reason due to which migrates. People also migrate due to natural calamity. Some factors cause people to migrate from one country to another. The cause includes social, political, and economic aspects, the effects also vary for both sending and host countries.

There are various advantages of immigrants. It helps in a rich and more diverse culture. Moreover, it aids in reducing any shortage of labour. In addition to this, the migrants are easier to choose for owners as they work on cheap labour and are in the requirements of skilled jobs. On the other hand, there exist some disadvantages of the same. The increasing costs of services, for example, the health and education system is one of the drawbacks. Overcrowding the place and the state; disagreements between different religions and cultures, also the economy affects the migration deals in a wider sense. Immigration to Australia is a strategy for a long term prepared Australian government to many of Australia's economic fortune (Hawthorne, 2006). The connection between the economy, political, and socio-culture altogether with each other, especially in good terms with the immigrants, is important to maintain peace in society. It also tells what migration means in the industrial or industrialized country with special care and focuses on the migrated labors and workers. Immigration policy is for consideration in both independent and dependent immigrants (Alexander &Devitt, 2016).

Conclusion

It can be concluded from the above paper that migration brings economic gain. This is because it helps the nation with the growth of the economy and it is also clear that the economy of a country plays an important role in development in an account for building up the nation also fulfilling the requirements of citizens. More to the point, it varies in the wider sense. It is also defined that mainly the young immigrant plays an important role in setting up the economy by joining some employment and serving the nation. The countries taking part in shall gain and lose in the short term but shall gain in the long run. Individuals who move from one place to another mostly suffer from a bad experience or different stresses which can lead the person in mental illness or mental problems and they are well being which shall include the loss of cultural norms and values.

Bibliography/ References

Afonso, A. and Devitt, C. (2016), Comparative political economy and international migration, Oxford Academic Socio-Economic Review SASE, 14(3) pp: 591-613. Doi: https://doi.org/10.1093/ser/mww026

Boubtane, E. & Dumont, J. C. (2013). Immigration and Economic Growth in the OECD Countries 1986-2006: A Panel Data Analysis. Documents de Travail du CentredEconomie de la Sorbonne, N 2013.3. Retrieved from: ftp://mse.univ-paris1.fr/pub/mse/CES2013/ 13013.pdf

Carvalho, P.(2016). Why migrants may be our greatest economic asset, ABC News, April 2015. Retrieved from: http://www.abc.net.au/news/2015-04-21/carvalho-whymigrants-may-be-our-greatest-economic-asset/6409042

Castles, S. (1992), The Australian Model of Immigration and Multiculturalism, International migration review, Sage journals. Doi: https://doi.org/10.1177/019791839202600219

Frenkel, M. Is Migration Good for an Economy? A survey of the main economic effects, Journal for Markets and Ethics, 2018, 5, pp, 13-22. Doi: https://doi.org/10.2478/jome-2018-0002

Hawthorne, L. (2006). The Recent Transformation of Australia’s Skilled Migration Policy. Wiley Online Library. 39(3). Doi: https://doi.org/10.1111/j.1747-7379.2005.tb00284.x

Kerr, S. P., & Kerr, W. R. (2011). Economic impacts of immigration: A survey (No. w16736). National Bureau of Economic Research. Retrieved from: http://www.nber.org/papers/w16736.pdf

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