Venezuelan immigrants and refugees boost Colombia’s economy by more than $500 million a year, according to a study released Thursday. It reveals some of the benefits of immigration.
The International Organization for Migration has noted that around 3 million Venezuelans have left the crisis-hit country and headed to Colombia in search of a better life.
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Venezuelan immigrants and refugees boost Colombia’s economy by more than $500 million a year, according to a study released Thursday. It reveals some of the benefits of immigration.
The International Organization for Migration has noted that around 3 million Venezuelans have left the crisis-hit country and headed to Colombia in search of a better life.
Contrary to the idea that they are a burden on society, about 90 percent of working-age Venezuelan immigrants are employed, the report said.
IOM special envoy Diego Bertrand said that “migrants can become a force for development” and “stimulate growth” in the economy.
In 2022, Venezuelan immigrants and refugees contributed $529 million to Colombia’s economy as consumers, workers and entrepreneurs, the study found.
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With full regularization of Venezuelans, it is predicted that this number could rise to around $800 million in 2023.
According to IOM, there are 7.7 million Venezuelan migrants and refugees in the world, 6.6 million of whom live in Latin America and the Caribbean.
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