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Regional Spillovers from the Venezuelan Crisis: Migration Flows and Their Impact on Latin America and the Caribbean
Author:
Mr. Jorge A Alvarez https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Marco Arena
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Alain Brousseau
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Mr. Hamid Faruqee
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Emilio William Fernandez Corugedo
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Mr. Jaime Guajardo
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Gerardo Peraza
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Juan Yepez https://isni.org/isni/0000000404811396 International Monetary Fund

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Series:
Departmental Papers
Volume/Issue:
Volume 2022: Issue 019
Language:
English
Publication Date:
05 Dec 2022
DOI:
https://doi.org/10.5089/9798400224478.087
ISBN:
9798400225314
ISSN:
2616-5333
Pages:
61
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
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund