No. 1054 - Immigration and macroeconomic outcomes in OECD countries

Questioni di Economia e Finanza (Occasional papers)
by Gaetano Basso, Mithali R. Mathur and Giovanni Peri
September 2026
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Against the backdrop of a marked slowdown in the native-born population, immigration has supported demographic dynamics in advanced economies over recent decades. Its effects on long-term economic growth, however, remain unclear. This study examines the contribution of immigration to growth in 38 OECD countries over the period 1990-2024, with a particular focus on its effects on labour productivity through investment, human capital accumulation and total factor productivity (TFP).

Immigration from non-OECD countries is associated with higher labour productivity growth, through an increase in investment over five- and ten-year horizons following the migration inflow. The positive effects are stronger for skilled immigration, which contributes more substantially to human capital accumulation and TFP growth.

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  1. 17 September 2026
    No. 1054 - Immigration and macroeconomic outcomes in OECD countries
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