Friday, May 22, 2015

IADB: Record-breaking amount of remittances received in Latin America and the Caribbean

According to Remittances to Latin America and the Caribbean Set a New Record High in 2014, the increase reflects significant growth in remittance flows to Mexico (8 percent), Central America (7.4 percent) and the Caribbean (6.3 percent), linked to the recovery of the economy and labor market in the United States. However, there was a decrease of 1 percent to South America, partly due to the economic situation in Spain, which constitutes a major source of remittance flows to that subregion.

Since the 2008-2009 international financial crisis, and up until 2013, the total amount of remittances sent by migrants to their countries of origin had failed to match the levels of 2008, when they reached a record high of almost $65 billion.

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