Venezuela is expected to continue receiving substantial financial remittances from citizens working abroad for the next decade, according to an economist’s analysis. The influx of money from the diaspora is currently equivalent to 4% of Venezuela’s gross domestic product (GDP), totaling approximately $4.5 billion.
Economist Leonardo Soto indicated that the country is currently receiving significant remittances from European nations, as well as from Latin American countries including Peru, Ecuador, and Chile. He estimates that around 45% of the 8 million Venezuelans living outside the country are now settled in those locations.
“Venezuela is going to continue being a recipient of remittances,” Soto said in a recent interview. “I estimate that in the next 10 years we will continue to receive remittances – few, many, depending on how the country’s economic evolution progresses.”
Soto pointed to a roughly 10-year trend of consistent remittance flows into Venezuela. The continued inflow of funds underscores the importance of the Venezuelan diaspora to the nation’s economy.
He also noted a persistent global interest in investing within Venezuela. The economist’s assessment suggests a degree of economic stability for Venezuela, reliant on funds sent home by its citizens abroad.
