Venezuelan Migrants and Refugees Expected to Boost Peru’s Economy by USD 530M in 2024

Geneva/ Lima, 12 December 2024 – 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 per cent of Peru’s total tax revenue in 2024. Notably, 96.1 per cent of their expenditures remain within the country, while only 3.9 per cent 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 per cent of the country´s total tax revenue.

A key study finding reveals that 81 per cent of working-age Venezuelan migrants and refugees are employed. However, while 49.3 per cent hold higher education degrees, many are employed in the informal labour market. Only 9.5 per cent work in their field of expertise, largely due to barriers in validating their qualifications, with less than 10 per cent 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 per cent 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 per cent 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.

Notes to Editors  

As of December 2024, there are 7.9 million Venezuelan migrants and refugees worldwide, with 6.8 million residing in Latin America and the Caribbean.

Peru is home to the second largest population of Venezuelan migrants and refugees in the world, with more than 1.6 million people contributing significantly to Peru’s economic and cultural development. 
 

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For more information, please contact: 

In Panama: Gema Cortes, marcortes@iom.int, +507 6269 4574 

In Peru: Leesly Leon, leleon@iom.int, +51 914 879 194

In Geneva: Daniela Rovina, drovina@iom.int, +41 22 717 92 98