Europe risks falling into Levant’s powder keg 20 Feb 2024 War in Gaza is worsening already dire economic conditions in Egypt, Lebanon and Jordan. Western aid is unlikely to solve their deep problems. Despite efforts to outsource its migration issues, the European Union may find some displaced by a protracted conflict reach its borders.
Ignoring migration’s roots will cost the West dear 12 Feb 2024 Politicians in the US and Europe are devoting much energy to stopping illegal migrants. But this will achieve little unless they also tackle the drivers of migration: poverty, conflict, and climate change. Otherwise, politics in the rich world will become increasingly toxic.
Meloni’s Italian job is a lesson for EU’s right 26 Sep 2023 In her first year, the PM pledged Rome’s commitment to NATO and fiscal discipline. That may be a template for nationalist parties trying to copy her success. Yet she also wasted time on culture wars. As growth stalls and immigration soars, the rest of her term will be tougher.
Workforce shifts stress need for migration rethink 9 May 2023 A Trump-era rule barring migrants seeking US asylum at the Mexico border ends this week. Arrivals are expected to double. With an aging US workforce and a job market in desperate need of workers, legislators have the opportune time to finally fix broken immigration policy.
The fog in the English Channel is clearing a bit 16 Jan 2023 Britain won’t rejoin the EU soon, despite voters’ regrets over Brexit. But if the two sides resolve a Northern Ireland dispute there could be progress on topics such as climate, foreign policy and financial services. Much may have to wait for a new UK government, says Hugo Dixon.
Toronto can teach aspiring tech hubs some lessons 9 May 2022 Many places try to replicate aspects of Silicon Valley. Favorable immigration rules and cheaper labor costs have made the Canadian city a strong contender. Some of these advantages may not endure. But success in luring giants like Meta Platforms means that may not matter for now.
Strong U.S. jobs are blessing and curse for Fed 1 Apr 2022 The unemployment rate fell to 3.6%, near pre-pandemic levels. Dining out is back, and even travel is returning to normal. That all gives the central bank room to fight inflation. But employers are still short of workers, and continued robust hiring may make price pressures worse.
On the Ukraine refugee crisis, watch Canada 22 Mar 2022 The country that claims the second-largest Ukrainian diaspora has already done more than its southern neighbor to help those fleeing war. Unlike trade, immigration is one area where Ottawa has clout. Canada could prove an example to countries far removed from the crisis.
Refugee bonds can keep humanitarian corridors open 11 Mar 2022 Europe says 7 mln Ukrainians may flee Russia’s invasion. The 2015 refugee crisis showed migrants can boost workforces and economies. But integrating new arrivals is expensive. Impact bonds can pay for the upfront resettlement burden, limiting quarrels between host nations.
Canada’s labor paradox has global resonance 1 Mar 2022 The proportion of Canadians in work or seeking jobs is nearly back up to pre-pandemic levels and a central bank rate hike is likely this week. Yet firms are finding it hard to fill vacancies. This ominous sign suggests governments will have to do more to fix labor shortages.
The Exchange: Australian Treasurer Josh Frydenberg 21 Dec 2021 With an election looming early next year, the Liberal Party’s deputy leader discusses everything from booster shots to Big Tech, climate change to China, immigration to inflation, and more. He tells Jeffrey Goldfarb how his country can overcome the many economic challenges ahead.
Nobel rewards rigour in messy real-life tests 11 Oct 2021 The three winners of the economics prize aimed to spot cause and effect when actual events create experiments that lack lab-style controls. David Card’s work on wages and immigration, in particular, is newly relevant as workers seek higher pay and dislocations like Brexit unfold.
Australia’s border strength morphs into weakness 28 Apr 2021 Strictly banning outsiders has been a big factor in stopping the spread of Covid-19. Fiscal stimulus and low rates have helped compensate, but can’t replace the annual 1% growth delivered by immigrants. Absent bold policy changes, the age of economic miracles may be past.
HK migrants likely to give UK only a tiny boost 6 Oct 2020 The British government thinks 200,000 Hong Kongers will take up the former colonist’s offer of legal residence. That would add less than 1% to GDP, only a rounding error in comparison to the likely post-Brexit pain from lost EU migrants, and possible retaliation from Beijing.
Swiss vote reinforces EU’s tough Brexit stance 28 Sep 2020 The Alpine nation reversed its opposition to EU immigration in a referendum, avoiding a messy standoff with its top export market. Broad economic concerns trumped popular angst. As negotiations with the United Kingdom intensify, the outcome will encourage Brussels to stand firm.
UK is lab rat for ill-timed migrant experiment 19 Feb 2020 A new immigration system will from next year prioritise skilled workers. Ideally, this would boost pay. But companies may struggle to pass costs to consumers and can’t expand without the right staff. Brakes on growth will be the last thing Britain needs if EU trade talks sour.
U.S. private prisons set investors easy ESG test 27 Jun 2019 Bank of America is the latest lender to quit the sector amid an outcry over immigrant detentions. Vanguard, BlackRock and State Street own 30% of GEO Group and CoreCivic, which run migrant facilities and jails. If indexers can’t escape, they can at least agitate for change.
Canada adds startup-like optimism to tech turf war 22 May 2019 The country has simpler immigration, livable cities and lower valuations than its southern neighbor. Capitalizing on U.S. dysfunction in a bid to become a tech magnet is smart. But if Silicon Valley is any guide Prime Minister Justin Trudeau should be careful what he wishes for.
Japan’s foreign invaders could use domestic allies 11 Feb 2019 From sumo rings to convenience stores to boardrooms, immigrants are changing the way the world’s third-largest economy works. Their presence is politically awkward, but demographically essential. Policies that internationalise Japanese citizens would help ease the transition.
Trump’s crisis powers are a Pandora’s box 9 Jan 2019 The U.S. president may yet try to bypass Congress to build a border wall by declaring a national emergency. In theory, similar authority could enable him to close CNN or block Facebook. Such scenarios would be tested in court. But there’s leeway, and only lawmakers can reduce it.