Financial Services Advisor

Julia Yansura, program manager for Latin America and the Caribbean at Global Financial Integrity: “Remittances to the Caribbean grew dramatically in 2021, a trend that will likely continue in 2022. To understand why, we need to look at factors such as migration, home and host country conditions, the percentage of migrants that remit, as well as sending behaviors such as frequency, method and principal (the amount per transaction). 2022 will likely bring strong growth in remittances to Haiti in response to the country’s political and economic crises and high levels of emigration. Moreover, as Haitian migrants leave South American host countries and make their way toward the United States, they may eventually earn higher wages and remit more. Jamaica and the Dominican Republic will see robust growth as well, as remittances help to offset economic challenges related to the instability of the tourism sector. Remittances to Cuba are the biggest question mark. In December, members of the U.S. Congress requested that the Biden-Harris administration reduce restrictions for humanitarian reasons; such a move would have important impacts…”