COVID-19 AND LATIN AMERICA EVENT SERIES
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According to the Inter-American Dialogue’s recently released 2019 Annual Remittances Report, family remittances to Latin America and the Caribbean last year grew by approximately six percent, totaling nearly US$100 billion. The growth in remittances stood in contrast to the region’s slower economic growth of 0.6 percent according to the UN’s Economic Commission for Latin America and the Caribbean.
Moreover, given the Covid-19 pandemic and its economic implications on migrants, we forecast a negative three to five percent drop in remittances from the US in 2020 as compared to 2019, from 77 to 75 billion. The economic consequences for the region will likely be significant. Venezuela, Honduras, Nicaragua and Guatemala are among the countries with the highest levels of remittance dependence and will likely be the most affected by the remittance growth decline in 2020.
This context raises important questions about the pandemic’s impact on migrants and remittances such as:
- How vulnerable are migrants to the pandemic’s effects on health and economics?
- What are the economic impacts of the recession on remittance transfers?
- How are money transfer businesses coping or leveraging opportunities in this new reality?
To discuss remittance trends and the impacts of the pandemic, the Dialogue is pleased to host a webinar as part of the our Remittance Industry Observatory, an initiative that seeks to share information and analysis about the remittance market.
Please RSVP to receive information on how to join the webinar. We invite participants to submit questions via the “Chat” function in Zoom during the event OR email questions to [email protected].
Vice-President, Open Avenues Foundation (@MariellenMJ)
President and CEO, Grupo Coen (@PieroPCoen)
Vice President of Global Business Development, Remitly (@Remitly)
Program Director, Migration, Remittances and Development, Inter-American Dialogue (@manuelorozco65)