Venezuelan migrants boost economies of South American countries, studies find

A man holds a Venezuelan flag as a group of migrants travel on the train known as ‘The Beast’ in Ciudad Juarez, Chihuahua, Mexico, on 7 October 2023. Photograph: Luis Torres/EPA

An exodus of nearly 8 million Venezuelan migrants who have fled poverty and political turmoil is boosting the economies of other countries across South America, two studies published by leading international financial institutions have found.

The foreign workforce will lift the economies of their main host nations in Latin America and the Caribbean by 0.10-0.25% on average each year from 2017 until 2030, according to the research.