Regional Spillovers from the Venezuelan Crisis: Migration Flows and Their Impact on Latin America and the Caribbean

Author: Mr. Jorge A Alvarez, Mr. Marco Arena, Alain Brousseau, Mr. Hamid Faruqee, Emilio William Fernandez Corugedo, Mr. Jaime Guajardo, Gerardo Peraza, and Juan Yepez

. This Departmental Paper, using the Venezuelan crisis experience in Latin America and the Caribbean (LAC), sheds light on how migration can potentially raise GDP growth in recipient countries and affecting fiscal and external positions while adjusting to migrant inflows.

Volume/Issue: Volume 2022 Issue 019

Publication date: December 2022

ISBN: 9798400224478

$20.00

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats


English

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , International - Economics , Public Policy , Demography , Emigration and Immigration , 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

Also of interest

Navigating External Shocks in Southeast Asia's Emerging Markets: Key Lessons ...

Upgrading Fiscal Frameworks in Asia-Pacific

The Energy Security Gains from Strengthening Europe’s Climate Action

Central Bank Digital Currencies in the Middle East and Central Asia

Summary

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.