So now that we've analyze the changing trends with fertility and with life expectancy around the world. We're better prepared to examine something that is making the headlines all over the world which is international migration. And what I would like to do is to share some thought with you about the economic and political impact of migration. First of all, we see migration in the world because fertility rates are much higher in certain regions of the world than in others. And perhaps, there's not enough job opportunities in some of the regions. In addition, what we see is that civil wars or other types of conflict are also important contributors to migration trends around the world. First of all, I'd like to tell you a little bit about which are the parts of the world that are the most important in terms of being the destination country for international immigrants. We can see over here that the part of the world that has the largest immigrant population is Europe. Europe back in the year 2000 had about 56 million immigrants. But as the end of 2015, the number had grown to 76 million. Asia from 49 to 75. In third place comes Northern America, so that includes Mexico, the US and Canada. Most of the immigrants, of course, going to the US and Canada. And that number grew from 40 million in the year 2000 to 54 million in 2015. But I would like to point out that Mexico is also a recipient of immigrants, but not from United States, but rather from Central America and South America.. Africa, in Africa the number of immigrants has grown from 15 million in the year 2000 to about 21 million in the year 2015. And we see that in Latin America, the Caribbean and Oceania the numbers have grown slightly as well. Now, let's think about the economic impact of migration. First looking at the origin country where the immigrants come from. Well, there are certainly benefits to the country of origin from the fact that some people are leaving. For example, one important benefit could be remittances. That's the money that migrants send back to their families in the country of origin. For example, the country in the world that has received the most money over the years in the form of remittances from their immigrants is India. In the year 2014, India as a country received about $70.4 billion in remittances from Indians abroad. That's a very large number. I would also like to share with you some thoughts about another potential benefit for international migration for the country of origin, which is called the phenomenon of brain circulation. You see many of these immigrants, for example who leave India or China or South Korea and they come to the United States or to Europe. They go, for example, into entrepreneurship, and they set up companies. And oftentimes what happens is that these companies do business, not just in the country in which they are residing, but also in their country of origin. We know that many companies in the Silicon Valley in the United States were founded by Indians. In fact, of those that go public, that get listed in the stock market about a third of them have at least one Indian co-founder. While these companies are based in California, but they actually do a lot of business in India. And the outsource many of their coding tasks for instance in terms of developing software to companies based in India, so it's actually potentially a benefit to the country of origin of the migrant. Another potential benefit of course is reduced unemployment to the extent that people are leaving the country, there's perhaps more jobs for those who stay behind. Now, there's also costs to international migration from the point of view of the country of origin. Reduced fiscal revenue, those people who decided to migrate, could be working in the country of origin and paying taxes. And there is the phenomenon that comes close to necessary with the brain circulation, which is the brain drain. That is to say that perhaps the better educated, the most capable people, are the ones who leave the country, leaving behind those that are less educated. Now, I'd also like to discuss with you the interaction among migration, labor and age. And I believe that, actually, there's a lot of misconceptions out there as to the nature of international migration. First of all, I'd like to share with you a one very important statistic. You will take a look at the increase in the size of the labor force or the work force in the US and in Europe. Over the last 15 years, we can see that about 40% of the increase here in United States was due to international migration. That is to say nearly half of all of the new employees with a job here in the United States over the last 15 or 20 years has come from some other countries and international migrants. And in Europe.the figure is 70% much higher. That's, of course, because Europe has much older populations, so to the extent that the economy creates new jobs they tend to be filled by immigrants. Now, the reason for this is that immigrants tend to be much younger than the average citizen in the host countries, or in the world as a whole. That is to say, most people who migrate from one country to another tend to be relatively young. Like the native-born, young immigrants are better educated than those nearing retirement. That's also another very important fact to keep in mind. That is to say, that in general, international, migration tends to increase the average level of education of the recipients country. I'd also like to share with you a little bit of an analysis as to the connections between migrations and technology. Often times we see, especially in Europe and in the United States, is that migrants fill very important niches in fast-growing and also in declining sectors of the economy. But let me give you this statistic, which I think is very revealing. Here in the United States, about 23%, nearly a quarter, of all high-tech companies have been founded by immigrants. So at least from this perceptive, I think it is quite fair to make the arguments that immigrants make a very positive contribution to the economic and technological developments of their destination country. Now, it's also important to keep in mind another very important aspect of migration which is whether international migrants affect the fiscal balance of the country of migration. That is to say the public purse. So do they contribute more in the form of taxes than what they require in the form of services from the governments. Or is the reverse true? That they actually, those Governments where they moved to, they need to spend on the immigrant population more than what the immigrant population contributes in the form of taxes. And the evidence seems to indicate that for both Europe and the United States, the average immigrant contributes more in the form of taxes than what they receive in the form of benefits or government services. Such as, for example, healthcare or education. And remember also that migration, because most migrants are young, migration tends to boost the working age population. It makes that segment of the population bigger in every country around the world.