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Significance
The growth of money transfers to LAC slowed to below 8% last year, with countries such as Nicaragua recording a strong double-digit increase while Brazil and others saw a decline. Despite the slowdown, LAC was the region with the highest remittance growth rate in 2023.
Impacts
Many LAC countries are set to receive more remittances than foreign direct investment (FDI) this year.
Payments-focused fintechs will increasingly target the regional remittances market.
High costs of sending remittances could potentially be reduced by instant payments systems in the future.
Keywords:
Latin America,
LA/C,
IMF-World Bank,
Mexico,
United States,
economy,
industry,
consumer,
finance,
foreign investment,
remittances,
technology,
Banks
© Oxford Analytica 2024. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2024
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