Households with Venezuelan members contribute an estimated USD 900 million annually to Ecuador's economy through the consumption of goods and services, according to a new study by the International Organization for Migration (IOM). The findings highlight the significant role of migrants in supporting economic growth and development across Latin America and the Caribbean.
"The evidence is clear: when migrants have access to rights and opportunities, they contribute substantially to the societies that host them," said Kristina Mejo, IOM Ecuador Chief of Mission. "Ensuring regular status and fair access to the labour market is a catalyst for growth and an investment that generates benefits for all: migrant families, host communities, and the economy as a whole."
Ecuador currently hosts approximately 441,000 of the 6.9 million Venezuelans living in Latin America and the Caribbean. This indicates considerable opportunities to further harness migration's potential for economic growth in both the country and the region.
The study also estimates that Venezuelan households pay nearly USD 47 million in taxes annually. These contributions were facilitated by public policies implemented by the Government of Ecuador, which improved documentation processes for Venezuelans and expanded access to formal employment, social security, financial services, and the recognition of academic degrees.
Venezuelans in Ecuador constitute a young and productive population: more than 70 per cent are of working age (18-39 years old) and have educational levels comparable to Ecuadorians. However, the study reveals that about 66 per cent of Venezuelans are employed informally despite holding professional degrees, and only 30 per cent work in their field of expertise. This restricts their full potential and limits integration into the productive sector. The barriers are even greater for women: nearly 69 per cent are in informal jobs and earn less than the minimum monthly wage.
Similar IOM studies in Aruba, Costa Rica, Chile, the Dominican Republic, Peru, Colombia, and Panama confirm the positive impact of migration. In Panama, for example, Venezuelan entrepreneurs have invested more than USD 1.8 billion over the last decade and created around 40,000 jobs.
Conducted with Equilibrium Social Development Consulting (SDC), the study concludes that labour inclusion and recognition of skills yield multiple benefits: increased tax revenues, stronger contributions to social security systems, and a more dynamic economy driven by consumption and investment. IOM further stresses the importance of building inclusive communities that recognize and support the positive role of migrants in development.
To access the full report in Spanish, please click here .
