At a time when migration is under the political spotlight in the United States and other developed countries, a new study published by the International Monetary Fund (IMF) warns that restricting the flow of global talent could cost the economies of the future. According to the article's author, Harvard Business School economist William Kerr, "access to highly talented people is the upper limit of what a nation can aspire to be."

In his analysis published in Finance & Development magazine (March 2025), Kerr argues that the countries that succeed in attracting the most skilled migrants will be the best positioned to face the great challenges of the 21st century: population aging, falling productivity, the transition to digital economies and global competition for innovation.

Kerr is D'arbeloff Professor of Business Administration at Harvard Business School and author of the book "The Gift of Global Talent: How Migration Shapes Business, Economy & Society".

The academic emphasizes that the most skilled people tend to migrate more than average. While only 1.8% of workers with secondary education live outside their country of origin, the figure rises to 5.4% among university graduates, and is even higher among inventors and Nobel Prize winners. This mobility reinforces the so-called "talent clusters", centers of innovation such as Silicon Valley, where productivity and entrepreneurship are growing at an accelerated rate thanks to the contribution of skilled migration.

Migration policies, the dilemma

Despite the obvious economic value of migrant talent, Kerr warns in Finance & Development that public support for immigration has declined in several countries, including the United States. However, he qualifies that the drop has been from historically high levels: "although support has declined from its peak in the early 2020s, it still remains above the historical average".

According to data cited by the economist, recent polls such as Echelon Insights in 2024 show strong bipartisan support for skilled immigration to the U.S., especially for labor and economic purposes. However, Kerr stresses the need to design policies that distribute the benefits of global talent more equitably to avoid tensions between regions or social sectors.

A major investment

One of the most important points of the analysis is that attracting international talent requires more than simply opening doors. "Countries must court global talent, not just let it in," Kerr writes. This means offering a predictable environment, with stable policies, a good quality of life and clear pathways for labor and legal integration.

In this regard, the author draws attention to the disconnect between student visas, work permits and permanent residency options. When a country educates young migrants in its universities, but then expels them or makes it difficult for them to stay, "it is wasting its own investment".

Moreover, Kerr argues that investing in foreign talent does not replace local development: "businesses created by immigrants employ local workers, and the attributes that skilled migrants value-such as good schools and safe neighborhoods-also benefit native citizens."

The article also addresses concerns about the so-called "brain drain" from developing countries. However, Kerr argues that the effects can be positive if ties between sending and receiving countries are strengthened. "The biggest advantage for sending countries may be that more young people are educated with the expectation of migrating, even if they ultimately do not," he notes in Finance & Development.

What about women?

Another relevant finding of the study is that women are gaining ground in skilled migration. In fact, Kerr states that since 2010, in OECD countries, women outnumber men within the group of migrants with higher education. This forces migration policymakers to take into account factors such as security, job opportunities and family reconciliation when designing reception environments.

William Kerr's message is clear: building winning teams, both at the corporate and national levels, requires attracting and retaining the best. Migrant talent is not a threat, but a strategic advantage. But to reap its benefits, countries must look beyond the political conjuncture and adopt modern, flexible and inclusive migration policies.

For the U.S. Latino community, this vision reinforces what many personal stories have already demonstrated: migrant talent can transform lives, communities and entire economies. All that remains is for policies to live up to that potential.