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Microsoft Word crm-ptmt el Salvador 2009[final]. doc

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Workshop on Temporary Migrant Workers Programs

 

 

78

Nevertheless, the introduction of new technologies will allow to rapidly close the digital 

gap. The example of mobile phone technology should be highlighted, which has increased 

significantly; in this case, too, a greater demand and new technologies will accelerate the 

penetration of connectivity even more.  

With better organized social networks, improved access to technology and transportation, 

rising education levels, and a greater global demand for the capacity of young people, Latin American 

talent will continue to be an extremely important source of social and economic wealth for the region 

within the next decade. 

Latin America is already known to be a global leader in receiving remittances. The amounts 

of these monetary flows are equal to the amounts of direct foreign investment and are significantly 

higher than official development assistance. Therefore, remittances should be considered a critical 

resource. In view of the relevance of these monetary flows, in absolute terms, and the fact that many 

local economies in Latin America have become dependent on them because of their impact on 

consumption, remittances have become a focus of attention for various public and private economic 

and social actors. 

The growing competition in offering financial products and services and new modes for 

remote savings, credit, and consumption as alternatives to the traditional flow of remittances is 

strengthening positive impacts of these economic flows and reducing risks associated to lack of 

sustainability of remittances in the long term. The capacity to adequately take advantage of these 

monetary flows as a driving force for development in communities of origin depends, in fact, on the 

capacity of the productive basis of the local economy to benefit from this type of external savings 

through an offer of value that goes beyond the consumption of non-durable goods. 

As a significant result of the movement of persons throughout the world, governments, 

enterprises, and individuals are also facing more and more challenges in view of the reality of health 

and social welfare systems that have not been designed for a globalized world with movement of 

talent. Several Latin American countries are initiating reforms aimed at expanding social security 

services through a mix or public schemes and private insurance but in general, social protection and 

pension schemes need to be addressed with a special focus on the new reality of movement of persons. 

The future brings a historic opportunity for Latin America, since the new generation – the 

demographic bonus generation – will be facing two decades of intense globalization of talent. 

Technologies will continue to develop, aspirations of persons for multicultural experiences will 

continue to grow and – in an economically integrated world facing a structural paradox of talent 

shortage – the skills and vitality of Latin Americans will be required more and more each day. 

The region already has very significant levels of human capital, with the ability to move and 

with resources – and not only in quantity but also in quality and expertise. A new caste of Latin 

American leaders is getting educated and gaining global experience. It remains to be seen if Latin 

America will be able to benefit from these trends in a sustainable and balanced way. 

Movement of talent is technologically possible, economically required, attractive to 

individuals, convenient to enterprises, and enriching to society. Within this context, Latin America 

will be a growing source of talent for the world because of its youth, its cultural foundation, its 

mentality, and its level of economic and social development. 

The movement of Latin American talent will change the physiognomy of the region. If 

individuals, enterprises, academia, and governments focus on addressing this reality with an 

appropriate vision, this historic opportunity will change the future of development in Latin America as 

well as Latin America’s place in the world. 

 



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