November 3, 2018 12:11 am

1 million Venezuelans makes more than a $1 billion cost to Colombia: World Bank

Aug. 22: Hundreds of thousands of people are fleeing economic meltdown and political turmoil in Venezuela, where people scrounge for food and other necessities of daily life. The exodus is threatening to overwhelm neighbouring countries.

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The World Bank is estimating it will cost Colombia upward of $1 billion to tend to the surge of Venezuelan migrants fleeing their nation’s economic and humanitarian crisis.

In a report published Friday, bank analysts conclude Colombia will need to make substantial investments in areas like health and education to cope with an influx of more than one million Venezuelans.

Coverage of Venezuela on Globalnews.ca:

But the study also notes that in the longer term the massive Venezuelan migration to Colombia could generate economic growth.

New arrivals will boost consumption and resulting tax revenues could improve Colombia’s economy.

READ MORE: Venezuela’s Nicolas Maduro accuses Trump administration of seeking to assassinate him

The United Nations estimates about two million Venezuelans have fled since 2015 amid worsening food and medical shortages.

They are fleeing by plane, bus and when all else fails on foot to reach their destination.

© 2018 The Canadian Press

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