Remittances from Latin American migrants grow by 10% in 2018

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Remittances from Latin American migrants grow by 10% in 2018 Remittances of Latin American migrants to their families in 2018 increased by 10% to 84.2 billion dollars, one of the highest annual increases in the last decade, driven by Venezuelan, Guatemalan and Haitian migration, according to a study by Diálogo Inter-American EFE / Archive

 Washington, (EFEUSA) .- Remittances of Latin American migrants to their families in 2018 increased by 10% to 84.2 billion dollars, one of the highest annual increases in the last decade, driven by Venezuelan, Guatemalan and Haitian, according to a study by the Inter-American Dialogue.

“The numbers continue to grow substantially,” said Manuel Orozco, director of the Migration, Remittances and Development program of this study center at a conference to present the report today.

In 2016, the growth rate of remittances was 7.9%, and in 2017 it rose to 8.2%.
The upward trend, stressed the expert, contrasts with the weak economic growth in the region, of just 1.9% in 2018.
“Venezuela is the most shocking case, we estimate that Venezuelan migrants abroad are sending remittances worth 2,000 million dollars from at least six countries,” said Orozco during the conference.

In particular, he explained that a large part of Venezuelan migrants receive remittances while they are “in transit or in temporary stay” in countries such as Peru, Colombia or Ecuador.
This is the first time that the annual report, which is based on data from the central banks of the countries, includes information from Venezuela.
On this occasion, the report also highlighted the growing flow of intra-regional remittances, as opposed to the traditional migration to the United States.

As an example, he cited Panama, a country that historically had not had a large number of migrants, but whose number has soared due to its good economic moment and the crises of neighbors such as Venezuela or Nicaragua.

Last year remittances of migrants from Panama worth $ 800 million, according to the study.
Central America continues to be another driver in the reception of remittances, with four countries with a double-digit growth rate close to it, such as Honduras (10.4%), Guatemala (13.4%), El Salvador (8 , 5%), and Nicaragua (7.9%).

In these countries, the flow of remittances is especially important since it represents 22% of El Salvador’s GDP, 20% of Honduras, 12% of Guatemala and 11% of Nicaragua.
For its part, Haiti continues to lead the increase in remittances, with a rate of over 17.2%, and whose economy depends on 39% of this financial flow. Remittances from Latin American migrants grow by 10% in 2018. (EFEUSA)

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