In 2022, Venezuelan migrants and refugees in Colombia generated an economic impact in that country equivalent to 529.1 million US dollars, according to a new study carried out by the International Organization for Migration (IOM). This highlights the significant economic contribution that Venezuelan migrants and refugees make throughout Latin America and the Caribbean.
“Migration works as a driving agent of development and these studies provide empirical evidence that substantiates such assertion and demonstrate how migration can promote the growth of social and economic strength in host countries,” declared Diego Beltrán, IOM special envoy for the regional response to flows. of Venezuelan migrants and refugees.
The study Fiscal Impact of Venezuelan Migration in Colombia: Reality versus Potential shows that the fiscal impact in 2022 represented almost 2% of the total tax revenue in that country and a potential increase is projected that will reach the figure of 804.3 million US dollars with the full regularization of Venezuelans in 2023 .
These studies provide empirical evidence demonstrating how migration can promote the growth of social and economic strength in host countries.
A notable aspect of the study is the high employment rate of Venezuelan migrants since a 90% of the working-age population has a job and 20% has formal education. Only 18% are employed in their field and many people work in the informal sector, which limits income generation.
The impact on other countries in the region
Additional studies were conducted in Aruba, Costa Rica, Chile, the Dominican Republic, and Peru, which further demonstrated the positive impact of Venezuelan migrants and refugees.
The case of Panama is especially worth highlighting.where Venezuelan entrepreneurs have invested more than 1.8 billion dollars in the last decade, creating approximately 40,000 jobs, 70% of which were filled by Panamanians. As of April 2024 there are in the world 7.7 million migrants and refugees Venezuelans. Of that number, 6.6 million live in Latin America and the Caribbean.
The study also highlights the fact that young migrants encounter difficulties when looking for employment, and that, in the case of women, employment rates are lower compared to men.
Obstacles to greater contribution
On the other hand, despite efforts by development actors and financial organizations to improve employment prospects and public services for migrants and refugees, the difficulties in validating their professional qualifications plus possible situations of discrimination and xenophobia prevent their socioeconomic integration.
The conclusions of this study, which was carried out in collaboration with the Chamber of Venezuelan Businessmen, Executives and Entrepreneurs Abroad (CAVEX), with the Konrad Adenauer Foundation and with the Ideas for Peace Foundation (FIP), mark a fundamental moment in the recognition of the transformative potential of Venezuelan migrants and refugees in terms of promoting inclusive communities throughout Latin America and the Caribbean.
They create the bases for the implementation of policies and initiatives to promote their integration and sustainable development in the region.
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