Remittances To Latin America And The Caribbean Set A New Record  

• Remittances received by Latin American and Caribbean countries are projected to reach a record $155Bn in 2023 if the trends observed to date continue, according to a new report by the Inter-American Development Bank.
• This is an increase of 9.5% compared to the $142Bn received in 2022, completing fifteen consecutive years of growth.
• The sustained growth of remittances reflects new intraregional migratory flows and the contribution that migrants make to their countries of origin.
• Despite a moderate increase between 2017 and 2019 and the extraordinary growth in 2021 (26.7%), during the COVID-19 pandemic, remittances to Latin American and Caribbean countries have shown sustained growth of around 10% annually for the past 10 years.
• This increase in 2023 is mainly explained by the growth in remittances received by Central American countries (13.2%), the growth in remittances received by Mexico (9.8%), and the growth in remittances that South America received (7.9%). In the case of the Caribbean countries, growth in 2023 is more moderate (2.6%).
• This new report by the Inter-American Development Bank also offers a detailed analysis of the origins and destination of remittances to the countries of the region based on data published by the Central Banks.

 (Source: IADB)