Venezuelan Migrants a "Key Driver" of Latin American Economies (Study)

Study shows contributions of Venezuelan migrants to Latin American economies.

SUMMARY

A study by the International Organization for Migration revealed that Venezuelan migrants are a key economic driver in Latin American and Caribbean countries, spending billions of dollars and contributing to trade and the private sector despite challenges in formal market integration.

KEY HIGHLIGHTS

Venezuelan migrants form one of the largest communities in Latin America and the Caribbean.
Venezuelans spent $10.6 billion between 2021 and 2025 on food, housing, and services.
About 80% of migrants' businesses operate through informal means, hindering integration and increasing their tax burden.
The study emphasizes the importance of supporting migrants' integration into the formal labor market to boost economic growth.

CORE SUBJECT

Contributions of Venezuelan migrants to the economy

Panama (AFP) - A study published by the International Organization for Migration on Wednesday showed that migrants from Venezuela make "key" contributions to the countries where they live.

More than seven million Venezuelans live outside their country, with most settling in Latin America and the Caribbean region, where they form one of the largest communities in the history of the region.

The large number of expatriates is due to the crisis engulfing the oil-rich country under President Nicolás Maduro, whose re-election last year was not recognized by a large part of the international community.

The study stated, "Venezuelan migrants have emerged as a key economic driver in host countries, boosting trade and strengthening the private sector through their spending patterns."

The study analyzed trends of Venezuelans in several countries in the Caribbean and Latin America, including Aruba, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Panama, and Peru, between 2021 and 2025.

It found that Venezuelans spent $10.6 billion during that period, primarily on food, housing, and services, in addition to another $2 billion collected through fees and taxes.

It also found that migrants conduct about 80 percent of their businesses through informal channels, which hinders their integration into society and forces them to pay higher taxes.

The study concluded that Venezuelan migrants represent "significant potential for economic growth in host countries," adding that it is "essential" to help them integrate into the formal labor market.

KEYWORDS

Venezuelan migrants economy Latin America International Organization for Migration economic integration

MENTIONED ENTITIES 10

International Organization for Migration

🏛️ Organization

International organization that published the study on Venezuelan migrants' contributions

Nicolás Maduro

👤 Person_Male

Current president of Venezuela

Panama

📍 Location_Country

Latin American country where the study was published

Aruba

📍 Location_Country

Caribbean country included in the study