SWITZERLAND / PERU – Venezuelan migrants and refugees in Peru are projected to contribute approximately USD 530 million in 2024, according to a recent study by the International Organization for Migration (IOM). This substantial economic impact underscores the critical role that migrants and refugees play in fueling economic growth across Latin America and the Caribbean.
“Migration acts as a powerful catalyst for development, and this study provides compelling evidence of how it can stimulate both economic and social progress in host nations,” said Diego Beltrand, IOM’s Special Envoy for the regional response to the outflows of Migrants and Refugees.
The study, Exploratory Analysis of the Fiscal and Economic Contribution of Venezuelan Migration in Peru, indicates that Venezuelans’ fiscal contribution is expected to account for 1.35 percent of Peru’s total tax revenue in 2024. Notably, 96.1 percent of their expenditures remain within the country, while only 3.9 percent is sent as remittances.
With the full regularization of Venezuelans and their insertion into the formal labour market, their fiscal impact could rise to almost USD 797 million per year, representing 2 percent of the country´s total tax revenue.
A key study finding reveals that 81 percent of working-age Venezuelan migrants and refugees are employed. However, while 49.3 percent hold higher education degrees, many are employed in the informal labour market. Only 9.5 percent work in their field of expertise, largely due to barriers in validating their qualifications, with less than 10 percent succeeding in this process.
The study further highlights that migrant women face significantly higher barriers to employment opportunities compared to men, with an alarming 43.7 percent of them being unemployed. Despite initiatives from development organizations and financial institutions to improve job opportunities for migrants and refugees, several challenges remain. Key among these is access to essential public services, such as healthcare and education, which hinder their ability to fully contribute to their host communities.
Further research conducted in Aruba, Colombia, Costa Rica, Chile, the Dominican Republic and Panama supports these findings. For example, Venezuelans contributed USD 529.1 million to Colombia’s economy in 2023, while entrepreneurs from Venezuela have invested over USD 1 billion in Panama over the past decade, creating around 40,000 jobs, 70 percent held by Panamanians.
In collaboration with Equilibrium Social Development Consulting (SDC), these findings show how Venezuelan migrants and refugees contribute to building inclusive communities in Latin America and the Caribbean. Their transformative potential serves as an example for informing policies that support integration and sustainable development across the region.
