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Social Science > Demography

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Cover Departmental Papers
Regional Spillovers from the Venezuelan Crisis: Migration Flows and Their Impact on Latin America and the Caribbean
Mr. Jorge A Alvarez
,
Mr. Marco Arena
,
Alain Brousseau
,
Mr. Hamid Faruqee
,
Emilio William Fernandez Corugedo
,
Mr. Jaime Guajardo
,
Gerardo Peraza
, and
Juan Yepez
As a new migration crisis is unfolding in Europe because of the war in Ukraine, the purpose of this paper is to also highlight the ongoing migration crisis in Latin America and the Caribbean (LAC) due to Venezuela’s economic collapse. The stock of Venezuelan migrants reached 5 million in 2019, most of which had settled in other LAC countries. Following a temporary halt during the pandemic, migration from Venezuela has resumed, with the stock of migrants reaching 6.1 million in 2021. These migration flows are expected to continue in the coming years, which can strain public services and labor markets in the recipient economies in LAC. This Departmental Paper focuses on migration spillovers from the Venezuelan economic and social crisis. It sheds light on how migration can raise GDP growth and affect fiscal and external positions in host countries. It also discusses policy options, including greater support for education and integration into the workforce, which could help migrants find jobs to match their skills and help raise growth prospects in recipient countries.
Keywords:
Migration labor market unemployment spillover effects; Migration flow; migration flow; Venezuela crisis; Migration inflow; Migration spillover; policy action; Venezuelan migrant; Migration; Labor markets; Human capital; Caribbean; Global; South America; Central America
Cover Policy Papers
2021 Comprehensive Surveillance Review— Background Paper on The Surveillance Priority Ensuring Economic Sustainability
International Monetary Fund. Strategy, Policy, & Review Department
Ensuring economic sustainability is key to achieving the IMF’s surveillance mandate of maintaining present and prospective balance of payments and domestic stability, assuring orderly exchange arrangements, and promoting a stable system of exchange rates. A good understanding of issues related to economic sustainability is thus essential for the IMF to provide effective surveillance and policy advice, while it requires a broad perspective and a long time horizon. With respect to the IMF’s surveillance mandate, the principle of macro-criticality, which guides the IMF’s engagement with its members, is sufficiently flexible and broad, allowing the IMF to cover issues related to economic sustainability. At the same time, given the wide range of issues that are related to economic sustainability, IMF surveillance needs to be selective and focused, with the choice of issues made on a case-by-case basis, considering country circumstances. It also needs to leverage the expertise of other institutions when necessary. The IMF and other institutions have advanced work to enhance analytical frameworks and indicators related to economic sustainability, and this should continue.
Keywords:
IMF surveillance; surveillance mandate; transparency policy; IMF's engagement; policy advice; Income inequality; Climate change; Income; Global