PANAMA CITY, Panama: Venezuelan migrants and refugees boost Colombia’s economy by more than $500 million a year, according to a study released Thursday. It revealed some of the benefits of immigration.
The International Organization for Migration (IOM) has noted that about 3 million Venezuelans have left the crisis-stricken country and gone to Colombia in search of a better life.
Contrary to the perception that they are a burden on society, about 90 percent of Venezuelan immigrants of working age are employed, the report said.
“Migration acts as a driver of development” and “can foster growth” in the economy, said IOM special envoy Diego Beltrand.
The study found that in 2022, Venezuelan immigrants and refugees contributed $529 million to the Colombian economy as consumers, workers and entrepreneurs.
The figure was expected to reach around $800 million in 2023 with the full regularization of Venezuelans, it said.
According to the IOM report, there are 7.7 million Venezuelan migrants and refugees in the world, 6.6 million of whom live in Latin America and the Caribbean.
