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Mr. Jesus R Gonzalez-Garcia, Mr. Ermal Hitaj, Mr. Montfort Mlachila, Arina Viseth, and Mustafa Yenice

refugees. Indeed, the number of refugees within SSA is higher than that outside the region. Meanwhile, migration to the rest of the world, mostly to OECD countries, is mainly driven by economic factors and grew rapidly in recent decades. The empirical analysis and outlook will focus on migration outside the region as this has greater global spillovers. The economic impact of migration for the region occurs mainly through two channels. First, the migration of young and educated workers—brain drain—takes a toll in SSA as human capital is already scarce, although some

Mr. Jesus R Gonzalez-Garcia and Mr. Montfort Mlachila

world, with substantial fiscal costs for the host countries, estimated at 1 to 5 percent of GDP. Both forced migration and migration for economic reasons can bring friction. The cost of hosting refugees and social tension in countries receiving large numbers of migrants seeking jobs, services, and opportunities can be difficult to manage. Migration to the rest of the world is growing faster than within the region. About 6.6 million sub-Saharan African migrants—one-third of the total—lived outside the region in 2013, more than double the number in 1990. The

Mr. Jesus R Gonzalez-Garcia, Mr. Ermal Hitaj, Mr. Montfort Mlachila, Arina Viseth, and Mustafa Yenice

within Sub-Saharan Africa and Refugees, 1990–2013 5. Sub-Saharan Africa as a Refugee Destination 6. Refugees and Internally Displaced Population, 2000 7. Migration to the Rest of the World 8. Migration from Sub-Saharan Africa to the Rest of the World: Main Countries of Origin 9. Migration to the Rest of the World: Main Destination Countries 10. Population and Mortality Rate 11. Demographic Trends and Migration 12. Sub-Saharan Africa: Emigration of the Most Highly Skilled 13. Selected Financial Flows in Developing Countries and Sub-Saharan Africa 14

Mr. Jesus R Gonzalez-Garcia, Mr. Ermal Hitaj, Mr. Montfort Mlachila, Arina Viseth, and Mustafa Yenice
Amid rapid population growth, migration in sub-Saharan Africa has been increasing briskly over the last 20 years. Up to the 1990s, the stock of migrants—citizens of one country living in another country—was dominated by intraregional migration, but over the last 15 years, migration outside the region has picked up sharply. In the coming decades, sub-Saharan African migration will be shaped by an ongoing demographic transition involving an enlargement of the working-age population, and migration outside the region, in particular to advanced economies, is set to continue expanding. This note explores the main drivers of sub-Saharan African migration, focusing on migration outside the region, as this has greater global spillovers. It finds that the economic impact of migration for the region occurs mainly through two channels. First, the migration of young and educated workers—brain drain—takes a toll as human capital is already scarce in the region, although some recent studies suggest that migration may have also a positive effect—brain gain. Second, remittances represent an important source of foreign exchange and income in a number of sub-Saharan African countries, contribute to the alleviation of poverty, and help smooth business cycles.
International Monetary Fund. External Relations Dept.
This paper focuses on millennials who are increasingly looking to find their way in the sharing economy, a phenomenon made possible by the emergence of digital platforms that facilitate the matching of buyer and seller. Jobs in the sharing economy—like driving for Uber or Lyft—help some millennials make ends meet, even if such temporary gigs are a far cry from the fulltime jobs with traditional pension plans and other benefits their parents often enjoyed. This generation also enthusiastically embraces the services of the sharing economy, which provides access to everything from beds to cars to boats without the hassle of ownership. Loath to buy big-ticket items such as cars and houses, millennials have sharply different spending habits from those of preceding generations. Millennials confront obstacles to prosperity that their parents didn’t face. They are better educated than previous generations—but in today’s world, that is not enough to guarantee financial success.