Despite high unemployment, the global economy has entered a decade of unparalleled talent scarcity. If left unaddressed, it will put a brake on economic growth in both developed and developing countries, warns Stimulating Economies through Fostering Talent Mobility, a new report released today by the World Economic Forum in collaboration with The Boston Consulting Group (BCG).

By 2030, the report claims, the developed world will need millions of new employees to sustain economic growth.

“Today’s high unemployment rates mask longer-term talent shortages that may affect both developing and developed countries for decades,” said Piers Cumberlege, Senior Director, Partnership, at the World Economic Forum.

The global population of 60 years and older will exceed that of 15 years old or younger for the first time in history by 2050. But, the talent crisis will start much sooner.

Barring technological breakthroughs, the United States, for example, will need to add 26 million workers to its talent pool by 2030 to sustain the average economic growth of the two past decades. In most developing countries – not affected by demographic shifts – strong economic growth and the limited employability of the workforce will lead to large skills gaps in some job categories.

Nations and industries will be particularly challenged by the shortages of highly skilled talent. “In today’s global and fast-changing business environment, access to highly skilled people – not just top talent, but also people who possess essential expertise – is crucial to succeed and grow,” noted Hans-Paul Bürkner, Global Chief Executive Officer and President of The Boston Consulting Group, Germany.

Some industries, such as business services, IT and construction, are likely to experience significant skills gaps, regardless of geography. At the same time, certain countries, such as Japan, Russia and Germany, will face shortages of highly skilled employees in many industries.

Increasing the mobility among countries will be a key part of the solution, the report argues. “The message here is that migration not only works – it is the only solution,” said Angel Gurría, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), Paris, in the session, “Entering the Era of Mobile Talent”, at the World Economic Forum Annual Meeting 2010 in Davos-Klosters, Switzerland. “Ethics and values must, of course, come with it. We have to organize the world phenomenon of migration to improve the state of the world.”