WASHINGTON—Remittance flows to Latin America and the Caribbean were expected to experience 8% growth in 2023, reaching a “staggering” $156 billion, according to new research from the World Bank.
The World Bank’s report, titled “Migration and Development Brief 3.9,” highlighted the significant impact of a robust labor market in the United States on remittances to the region, News Americas stated in its analysis.
“This surge in remittance flows represents a remarkable increase, surpassing the $100 billion mark for the third consecutive year,” the NewsAmerica stated. “The United States’ improved labor market has particularly benefited Mexico, Central America, and South America, where remittance flows have experienced a substantial upswing. While remittances to the region still fall short of foreign direct investment inflows, they have emerged as a stable source of foreign exchange over the past several years.”
Slowdown Expected
However, the report also suggests that the growth in remittances to the region is expected to slow down to 4.4% in 2024. Despite this projection, Mexico, the largest recipient of remittances in the region and the world’s second-largest, is poised to post record remittances of $67 billion in 2023, marking 9.7% growth compared to the previous year, News Americas said.
Other countries in the region are also projected to receive significant remittance inflows, according to the report, including:
- Colombia: $10.8 billion
- Honduras: $8.8 billion
- El Salvador: $8.1 billion
- Ecuador: $5.1 billion
- Nicaragua: $4.7 billion
- Brazil: $4.4 billion
- Haiti: $4.2 billion
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