{"id":11786,"date":"2018-01-25T10:31:33","date_gmt":"2018-01-25T14:31:33","guid":{"rendered":"http:\/\/antiguanewsroom.com\/?p=11786"},"modified":"2018-01-25T10:36:53","modified_gmt":"2018-01-25T14:36:53","slug":"caribbean-migrants-sent-record-amount-of-money-home-in-2016","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/caribbean-migrants-sent-record-amount-of-money-home-in-2016\/","title":{"rendered":"Caribbean migrants sent record amount of money home in 2016"},"content":{"rendered":"
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While remittance flows decreased worldwide for a second consecutive year in 2016 \u2013 remittances to Latin America and the Caribbean, however, rose to a record high.<\/p>

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This is based on recently released data from the\u00a0World Bank.<\/p>\n

\"remittances\"<\/a>In analysing the figures, the\u00a0Pew Research Center, a nonpartisan American think tank,\u00a0based\u00a0here, reported that globally, migrants sent an estimated US$574 billion to their home countries in 2016, a 1.4 percent drop from 2015.<\/p>

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But, in Latin America and the Caribbean \u2013 together making up a region where many people say economic conditions are bad\u00a0\u2013 remittances rose to US$74.3 billion, a 7.4 percent increase from the previous year (US$69.2 billion), said the Pew Research Center.<\/p>

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It said Europe was the only other region in the world to see an increase, \u201cand it was a much smaller one (up 0.9 percent).\u201d<\/p>\n

Remittances are funds or other assets sent by migrants via formal channels, such as banks.<\/p>

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The think tank said the total amount of money transferred is likely significantly larger than what is reported, \u201cbecause these estimates do not include the transfer of other assets, such as gifts, or informal monetary transfers.\u201d<\/p>\n

The World Bank reports only remittances sent via formal channels, the Pew Research Center said.<\/p>

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It said the increase in remittances to the region is primarily due to generally improved labour market conditions in the US, which has helped boost migrants\u2019 capacity to send money home.<\/p>

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This improvement was especially evident in sectors such as information, construction and manufacturing, industries in which many Latin American immigrants work.<\/p>\n

Among Latin American and Caribbean countries, Mexico has long received the highest amount of remittances, the center said.<\/p>\n

In 2016, it said US$28.6 billion in remittances flowed to Mexico (up 9.3 percent from the previous year) \u2013 a total that accounted for over a third of remittances to all of Latin America and the Caribbean.<\/p>\n

After Mexico, Guatemala (US$7.5 billion), the Dominican Republic (US$5.5 billion) and Colombia (US$4.9 billion) received the highest amounts of remittances in the Latin America and Caribbean region in 2016, the Pew Research Center said.<\/p>\n

As a share of total economic output (measured in gross domestic product),\u00a0remittances were equivalent to 29.4 percent of Haiti\u2019s 2016 gross domestic product (GDP); while for the Caribbean as a whole, remittances were equal to 8 percent of GDP \u2013 a far higher share than for Central and South America (3.6 percent and 0.5 percent, respectively), the Pew Research Center said.<\/p>\n

Despite the recent overall decline in remittances, it said the amount sent by migrants globally to their home countries in 2016 remains more than double that of 2005, when US$280 billion in remittances were sent.<\/p>\n

Global remittances are expected to increase in coming years, because of anticipated growth in the US and European economies (where nearly half of the world\u2019s migrants live), and the appreciation of major currencies like the Russian ruble.<\/p>\n

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While remittance flows decreased worldwide for a second consecutive year in 2016 \u2013 remittances to Latin America and the Caribbean, however, rose to a record high. This is based on recently released data from the\u00a0World Bank. In analysing the figures, the\u00a0Pew Research Center, a nonpartisan American think tank,\u00a0based\u00a0here, reported that globally, migrants sent an estimated […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-11786","post","type-post","status-publish","format-standard","hentry","category-regional"],"yoast_head":"\nCaribbean migrants sent record amount of money home in 2016 - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/caribbean-migrants-sent-record-amount-of-money-home-in-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caribbean migrants sent record amount of money home in 2016\" \/>\n<meta property=\"og:description\" content=\"While remittance flows decreased worldwide for a second consecutive year in 2016 \u2013 remittances to Latin America and the Caribbean, however, rose to a record high. 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