SWITZERLAND / PERU – A recent report reveals that Venezuelan migrants and refugees in Peru are set to contribute approximately USD 530 million to the economy in 2024. This significant economic footprint highlights the essential role that migrants play in driving growth throughout Latin America and the Caribbean.
“Migration serves as a powerful catalyst for development, and this report emphasizes how it can foster both economic and social advancement in host nations,” noted a spokesperson for an international migration organization.
The report, titled Exploratory Analysis of the Fiscal and Economic Contribution of Venezuelan Migration in Peru, projects that the fiscal contribution from Venezuelans will amount to 1.35 percent of Peru’s total tax revenue in 2024. Notably, a staggering 96.1 percent of their expenditures will remain in the country, with only 3.9 percent being transferred as remittances.
If Venezuelans achieve full regularization and are integrated into the formal labor market, their fiscal contribution could surge to nearly USD 797 million annually, representing 2 percent of the nation’s total tax revenue.
Key findings indicate that 81 percent of working-age Venezuelan migrants and refugees are employed. However, despite 49.3 percent possessing higher education degrees, many work in informal sectors. Only 9.5 percent are able to secure jobs in their areas of expertise, primarily due to challenges in credential validation, with fewer than 10 percent succeeding in this process.
The report also underscores that migrant women encounter significantly greater hurdles in securing employment compared to men, with an alarming unemployment rate of 43.7 percent among them. Although efforts by various organizations to enhance job opportunities for migrants have been initiated, several obstacles persist. Access to critical public services, such as healthcare and education, remains a significant barrier to fully integrating into host communities.
Further studies across nations like Aruba, Colombia, Costa Rica, Chile, the Dominican Republic, and Panama support these findings. For instance, Venezuelans contributed USD 529.1 million to Colombia’s economy in 2023, and over the past decade, Venezuelan entrepreneurs have invested more than USD 1 billion in Panama, creating approximately 40,000 jobs, 70 percent of which are held by locals.
These insights, in partnership with local development consulting firms, demonstrate how Venezuelan migrants and refugees are critical players in fostering inclusive communities throughout Latin America and the Caribbean. Their potential to transform economies underlines the need for policies that promote integration and sustainable development in the region.
