The New New World

As the debt crisis lingers in Europe, many countries cease to be magnets for mobile hands and brains. Confronting high unemployment rates at home, Europeans are shedding a fear of relocation, and new talent is heading toward developing countries with fast-growing economies like Mexico and Brazil. According to the World Bank, remittances from Brazil to Portugal are now greater than those from Portugal to Brazil. The same is true for Mexico and Argentina with Spain. Moving to Latin America has become an opportunity for European and US young professionals to learn and advance in ways not available in their home countries. In the long run, Latin America’s need for skilled professionals could be solved by investing in its own education systems. At the same time, as the foreign-born population swells due to an economic boom, the governments must adopt more efficient immigration policies to welcome foreign workers and capital. Attracting top talent will help firms and entire economies innovate and thrive. – YaleGlobal