Will Remittances to Latin America Keep Growing This Year?
Remittances that workers sent home to families in Latin American and Caribbean countries grew by 9.3 percent in 2018 to an estimated $87 billion, the World Bank said in a report last month. The growth rate in 2018 was the highest of the past five years. What factors led remittances to grow in Latin America and the Caribbean last year, and how do rates compare to other parts of the world? What is the regional outlook for money transfers in 2019 and beyond? What are the biggest trends shaping the sector’s business climate and prospects in Latin America and the Caribbean?
Mario Trujillo, member of the Financial Services Advisor board and chairman, president and CEO of DolEx Dollar Express, Inc. in Duluth, Ga.: “Family remittances continue to flow into Latin America and the Caribbean, reflecting the resilient and ‘basic needs’ worldwide migration trends. Most of the remittances to the region come from the United States. In this corridor, we have both positive and negative forces affecting these trends. On the positive side, the United States has recently experienced some of the lowest unemployment rates in decades, providing fertile employment opportunity for all, including immigrants. In Latin America and the Caribbean, social and civil unrest are also fueling higher growth rates. When countries in the region experience unusually high levels of crime and violence (such as Venezuela, El Salvador and Guatemala), it promotes migration spikes. U.S. immigration policies have been incoherent and full of division and fear, as evidenced by the current Trump shutdown of parts of the government over immigration. These policies have created…”Read More
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About the Financial Services Advisor
Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Erik Brand, publisher of the Advisor, at firstname.lastname@example.org.