Socio-economic consequences and prospective opportunities of the international labour migration as a process of the global labour market development

Abstract

Purpose: The aim is to study the causes, processes and economic consequences of remittances carried out during international labour migrations in the global labour market. Design/Methodology/Approach: The comprehensive analysis of remittances of migrants based on official data of the World Bank is carried out in this article. The systematic approach and logical research methods were used. The paper analyzes data on the remittances dynamics in the XXI century, shows the largest countries of senders and recipients of migrant workers remittances. Authors studied corridors of cash flows, the cost of transfers depending on the region of departure and the main transfer organizations. Findings: Remittances from migrant workers is the significant amount of aid, especially for low-and middle-income countries, and it is the largest source of external financing for them. The economies of the number of countries are highly dependent on these transfers. According to experts, remittances of migrants are many times higher than the volume of the official development assistance to these countries, as well as remittances of migrants surpass the volume of the foreign direct investment. And according to forecasts, the volume of remittances will only grow. Practical implications: The practical significance of the study is to substantiate and highlight the most important methodological and theoretical economic consequences of remittances of international migration flows. Originality/value: The theoretical and applied value of the study is to substantiate the prospect area with better mechanisms for the implementation, accounting and stimulation of remittances by international labour migrants.