Venezuelans contribute $530 million to Peru’s economy in 2024

A study recent of the International Organization for Migration (IOM) estimates that Venezuelan migrants and refugees will contribute about 530 million to Peru’s economy in 2024.

For the UN agency, this figure underlines the critical role that migrants and refugees play in promoting economic growth in Latin America and the Caribbean.

“Migration acts as a powerful catalyst for development, and this study provides compelling evidence of how it can spur both economic and social progress in host nations,” said IOM Special Envoy for Regional Response to Migrant Flows and refugees, Diego Beltrand.

Graduated Exploratory Analysis of the Fiscal and Economic Contribution of Venezuelan Migration in Peruthe document reveals that the tax contribution of Venezuelans will represent 1.35% of Peru’s total tax revenue in 2024.

Notably96.1% of their expenses stay within the country, while 3.9% are sent as remittances.

Peru is home to the second largest population of Venezuelan migrants and refugees in the world, with more than 1.6 million people.

Barriers to professional validation and gender gap

The IOM highlights that, with the complete regularization of Venezuelans and their insertion into the formal labor market, their fiscal impact could increase to almost 797 million dollars per year, representing 2% of the country’s total tax revenue.

Currently, 81% of Venezuelan migrants and refugees of working age have jobs.

However, although 49.3% have higher education degrees, many are employed in the informal labor market. Only 9.5% work in their field of expertisemainly due to barriers to validating their qualifications.

The study also highlights that migrant women face significantly higher barriers to accessing job opportunities compared to men, with an alarming 43.7% of them unemployed.

Besides, Other challenges persist related to access to essential public services, such as health and educationwhich hinder their ability to fully contribute to their host communities.

Ramón, Venezuelan businessman and owner of Amarettos Tradición, presents freshly baked muffins.

Contribution to all of Latin America

The agency noted that additional research conducted in Aruba, Colombia, Costa Rica, Chile, the Dominican Republic and Panama supports the findings of its study.

For example, Venezuelans contributed $529.1 million to the Colombian economy in 2023, while Venezuelan entrepreneurs have invested more than $1 billion in Panama over the last decade, creating around 40,000 jobs, 70% of them occupied by Panamanians.

According to the IOM, these findings show how Venezuelan migrants and refugees contribute to building inclusive communities in Latin America and the Caribbean.

In turn, the data can be used to develop policies that support integration and sustainable development throughout the region.