The World Economic Outlook (WEO) presents IMF economists' analyses of global economic developments, issues affecting advanced, emerging, and developing economies, and topics of current interest. The findings suggest that addressing the general weak-ness in economic activity, especially in investment, will stimulate trade, which in turn could help strengthen productivity and growth. In addition, given the subdued global growth outlook, further trade reforms that lower barriers, coupled with measures to mitigate the cost to those who shoulder the burden of adjustment, would boost the international exchange of goods and services and revive the virtuous cycle of trade and growth.
The share of migrants with tertiary education in such countries as the Czech Republic, Hungary, Latvia, and Poland was well above the equivalent ratio in the general population. Brain drain can have profound effects on labor markets and growth prospects in sending countries. Migration dampens working-age population growth and can put upward pressure on wages. At the same time, it can have a negative impact on productivity. Low substitutability between skilled migrants and natives reduces labor productivity, which is compounded by the fact that more educated people usually transfer know-how to others, says the report.
Read details from the report.
Cick also on a commentary published by the Guardian.
7th June 2021
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