Migration has established itself as one of the most relevant structural phenomena of the 21st century. As of 2024, more than 120 million people have been forcibly displaced worldwide, according to the United Nations High Commissioner for Refugees, equivalent to approximately 1 in every 67 people on the planet. Of them, about 43.7 million are refugees, more than 70 million are internally displaced and around 8 million are asylum seekers. The number has doubled in the last decade, and more than two-thirds of the refugees come from five countries: Afghanistan, Syria, Sudan, Ukraine and Venezuela.
In Latin America, migration is often addressed as a social or political crisis. However, the data tell a different story: it is, in reality, one of the most dynamic and least exploited economic engines in the region.
The area is home to more than 15 million international migrants, according to the International Organization for Migration, largely driven by the Venezuelan exodus, which exceeds 7.7 million displaced people. This flow has redefined entire economies.
Unlike other regions, the majority of displaced people remain within Latin America and the Caribbean, where several countries have facilitated documentation and integration processes. Colombia is an emblematic case: with more than 2.5 million Venezuelan migrants, it has experienced an expansion of its workforce and an increase in consumption. Far from displacing local employment, its presence has energized sectors such as commerce, construction and services. The World Bank estimates that this process could translate into an increase in potential GDP in the medium term.
The mechanism is clear: migrants not only increase labor supply, they also generate demand. They consume, rent housing, start businesses and fill gaps in the labor market. The International Monetary Fund estimates that this phenomenon can raise economic growth between 0.5% and 1% in the medium term.
On the other hand, remittances have become a silent but decisive flow. Latin America received approximately $156 billion in remittances between 2023 and 2024, according to the World Bank, in many cases exceeding foreign direct investment and international aid. However, its impact has limits: most of it is allocated to consumption, food, housing or education, and not to productive investment, which restricts its effect on long-term growth.
Mexico occupies a unique position on the global migration map. On the one hand, it is a powerhouse in receiving remittances, which represent between 3.5% and 4% of GDP, according to federal government data, and reached around 62 billion dollars annually in 2025; As of February 2026, annual growth of 0.4% was reported. This flow benefits more than 11% of households and constitutes one of the most stable sources of foreign currency in the country.
(With information from FORBES)
