During my recent travels through Central and South America, I saw firsthand both the promise and the challenges shaping the region’s future. From bustling urban centers to rural communities, the same fundamental question arose time and again: How can we create more and better jobs to improve livelihoods? And how can doing so mitigate the need for citizens to seek opportunities outside of their home country? The answer lies in fostering economic stability, attracting responsible investment, and ensuring that legal immigration pathways connect skilled workers with opportunities—both within their own countries and abroad, including in the United States.

Economic Stability as the Foundation for Growth

Across the Americas, economic instability remains a major barrier to sustainable development. Inflation, currency volatility, and sovereign debt concerns have eroded purchasing power and shaken investor confidence. Businesses, both local and international, hesitate to commit capital when policy environments are unpredictable or when high tax burdens and bureaucratic red tape make it difficult to operate. The result is slow job creation and an economic climate that leaves too many workers stuck in the informal sector, unable to access stable wages, benefits, or career mobility.

The solution begins with policies that promote macroeconomic stability—reducing inflation, ensuring responsible fiscal management, and strengthening financial institutions. But stability alone isn’t enough. Countries must also build an environment where businesses can thrive. That means cutting unnecessary regulations, improving access to credit for entrepreneurs, and investing in infrastructure that connects workers to jobs and markets to consumers.

The Private Sector as a Jobs Engine

Governments alone cannot solve the employment crisis. The private sector—both domestic enterprises and foreign investors—must be the primary driver of job creation. Yet for businesses to commit significant capital, they need access to a workforce with the right skills, a regulatory environment that rewards long-term investment, and clear legal protections for contracts and property rights.

One key area of opportunity is in nearshoring—the movement of manufacturing and supply chains closer to North America. With global supply chains shifting and companies looking to reduce dependence on Asia, Central and South America are well positioned to attract new industries. But for nearshoring to succeed at scale, countries must ensure that workforce development keeps pace. That means investing in technical training, vocational education, and digital skills programs to prepare workers for the jobs that companies need to fill.

Legal Immigration Pathways as an Economic Necessity

While job creation within the region is critical, legal immigration also plays a vital role in connecting workers to opportunities—especially in the U.S., where labor shortages in key industries continue to hold back growth. Politicians and economist have underscored the strategic importance of America’s economic engagement in the region, and legal immigration must be part of that equation.

Many American industries, from agriculture to healthcare to manufacturing, rely on temporary seasonal immigrant labor to fill essential roles. Yet the current system remains inefficient, with too few legal pathways available to match willing, law-abiding workers with unfilled jobs. Expanding and modernizing guest worker programs, streamlining visa processes for high-demand skills, and creating stronger bilateral agreements with key countries would not only benefit migrants seeking opportunity but also strengthen the U.S. economy.

Moreover, clear legal pathways for temporary seasonal workers help reduce the incentives for irregular migration, easing strain on border security and ensuring that migration is a structured, economically beneficial process rather than a crisis-driven one.

A Path Forward

Economic growth and job creation must be the cornerstone of any serious effort to stabilize and strengthen the Americas. That requires policies that promote investment, develop a skilled workforce, and recognize the critical role of legal immigration in sustaining economic vitality.

The private sector, governments, and international partners all have a role to play in making this vision a reality. With the right strategies in place, the Americas can become not just a region of untapped potential, but one of shared prosperity and long-term stability.

Ricardo Michel is co-CEO of Palladium, based in Washington, DC. Contact info@thepalladiumgroup.com to learn more.