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Significance
Migrants from Latin America and the Caribbean (LAC) sent a record amount of money to relatives last year due mainly to a strong labour market in the United States, where most of them live. Nicaragua and some other countries recorded double-digit inflow increases but there was a regionwide slowdown in remittance growth.
Impacts
Remittances will outstrip foreign investment in many Central American and Caribbean countries this year.
Continuing migration from some LAC countries will support remittances growth in coming years.
The cost of sending money to LAC is likely to remain relatively high despite increased use of digital channels.
Keywords:
Latin America,
LA/C,
Mexico,
Argentina,
Caribbean,
Central America,
Nicaragua,
Peru,
United States,
economy,
social,
employment,
immigration,
remittances,
growth,
labour
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2024
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