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Latin America & Caribbean

Accelerated remittances growth to low- and middle-income countries in 2018

Dilip Ratha's picture
On the back of stronger growth in remittance-sending economies, remittance flows to low- and middle-income countries are expected to reach a new record of $528 billion in 2018, an increase of 10.8 percent from last year, according to the World Bank’s Migration and Development Brief released today.
 

Planned Relocations: Learning from Latin American Experiences

Elizabeth Ferris's picture
When landslides destroy communities or sea levels rise how do governments move people out of harm’s way?  “Planned relocations” is the term being used to describe the process of moving people in order to protect them from disasters or from the effects of environmental change.

Record high remittances to low- and middle-income countries in 2017

Dilip Ratha's picture
The World Bank’s latest Migration and Development Brief shows that officially recorded remittances to developing countries touched a new record—$466 billion in 2017, up 8.5 percent over 2016. The countries that saw the highest inflow in remittances were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).

Remittance flows set to recover this year, after two years of decline

Dilip Ratha's picture
The latest edition of the Migration and Development Brief and an accompanying Press Release have just been launched. Remittances to low- and middle-income countries are on course to recover in 2017 after two consecutive years of decline, says the latest edition of the World Bank’s Migration and Development Brief, released today.

Remittances to developing countries decline for an unprecedented 2nd year in a row

Dilip Ratha's picture
We just launched the latest edition of the Migration and Development Brief and an accompanying Press Release.
 
Remittances to developing countries decreased by 2.4 percent to an estimated $429 billion in 2016. This is the second consecutive year that remittances have declined. Such a trend has not been seen in the last 30 years. Even during the global financial crisis, remittances contracted only during 2009, bouncing back in the following year.

Trends in Remittances, 2016: A New Normal of Slow Growth

Dilip Ratha's picture
Against a backdrop of tepid global growth, remittance flows to low and middle income countries (LMICs) seem to have entered a “new normal” of slow growth. In 2016, remittance flows to LMICs are projected to reach $442 billion, marking an increase of 0.8 percent over 2015 (figure 1 and table 1). The modest recovery in 2016 is largely driven by the increase in remittance flows to Latin America and the Caribbean on the back of a stronger economy in the United States; by contrast remittance flows to all other developing regions either declined or recorded a deceleration in growth.  

Remittances Market in Latin America: Will mobile money facilitate financial inclusion?

Sonia Plaza's picture
According to the recently-released Migration and Development Brief 26, Latin America and the Caribbean region achieved the most rapid growth in remittance inflows, which rose by an estimated 4.8 percent in 2015, owing to the recovery in labor markets in the United States.

In 2015 the cost of sending remittances to Central America and the Dominican Republic decreased

During 2015 the cost of sending remittances to Central America and the Dominican Republic was reduced.  This result, obtained from the database of Envía CentroAmérica, is a positive one as these countries are major recipients of remittances from abroad.  In fact, four of them -Guatemala, El Salvador, Honduras and the Dominican Republic - stand out among the top 25 emerging economies recipients of international remittances.

Remittances and Financial Inclusion: Evidence from El Salvador

Maria Soledad Martinez Peria's picture

While we know a lot about the impact of remittances on growth, investment, poverty, inequality, health, and education, the potential effects of international remittances on the domestic financial system and financial inclusion have not received much attention. There are several ways in which remittances could affect financial inclusion (that is, facilitating households’ access to and use of financial services). First, remittances might increase the demand for savings instruments. The fixed costs of sending remittances make the flows lumpy, providing households with excess cash for some period of time. This might potentially increase their demands for deposit accounts, since financial institutions offer households a safe place to store this temporary excess cash. Second, remittances might increase household’s likelihood of obtaining a loan. Processing remittances flows provides financial institutions with information on the income of recipient households. This information might make financial institutions more willing and able to extend loans to otherwise opaque borrowers. On the other hand, since remittances might help relax households’ financing constraints, the demand for credit might fall as remittances increase.

Are fewer Mexicans crossing the border to the United States?

Sonia Plaza's picture

Migration flows in both directions between the United States and Mexico have diminished according to recent statistics released by the Mexican and United States governments.

Mexican immigration to the United States began to decline in the mid-2006, and that pattern has continued into 2010. The Pew Hispanic Center analysis of Mexican government data indicates that the number of Mexicans annually leaving Mexico for the U.S. declined from more than one million in 2006 to 404,000 in 2010. Rand Corporation also found that the Mexican immigrants returning to Mexico have not increased despite the crisis. 

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