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Venezuela’s Remittance Crisis Deepens Amid Pandemic 📉

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Global remittances – the financial lifeline millions rely on – are set to plummet by 14% in 2023 due to pandemic aftershocks, according to World Bank data. Nowhere is this drop more seismic than in Venezuela, where these funds trail only oil exports as an economic pillar. 💸

Imagine sending half your paycheck to family abroad, only for crises like COVID-19 to slash income opportunities worldwide. This reality now haunts over 3 million Venezuelans dependent on cross-border cash flows. Many migrant workers in sectors like hospitality (a pandemic casualty) are struggling to maintain support.

📊 Why it matters: Venezuela already battles hyperinflation and fuel shortages. Remittances accounted for nearly $4 billion annually pre-pandemic – critical for buying medicine, food, and essentials. The projected 14% global decline could leave families rationing hope alongside resources.

🌍 Zoom out: While other nations deploy stimulus packages, Venezuela’s political turmoil limits recovery options. Analysts suggest this could accelerate migration trends, creating a domino effect across Latin America. But grassroots groups are stepping up, launching digital platforms to streamline support between diaspora communities and their homeland.

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