{"id":22448,"date":"2018-12-08T22:30:24","date_gmt":"2018-12-09T02:30:24","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=22448"},"modified":"2018-12-08T22:30:26","modified_gmt":"2018-12-09T02:30:26","slug":"remittances-to-the-caribbean-projected-to-reach-new-record-in-2018","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/remittances-to-the-caribbean-projected-to-reach-new-record-in-2018\/","title":{"rendered":"Remittances to the Caribbean projected to reach new record in 2018"},"content":{"rendered":"
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The World Bank \u00a0says<\/g> remittances to low- and middle-income countries, including those in the Caribbean, grew rapidly and are projected to reach a new record in 2018.<\/p>

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The latest edition of the Washington-based financial institution\u2019s Migration and Development Brief, notes that remittance flows into Latin America and the Caribbean grew by about 9.3 per cent in 2018 to reach US$87 billion.<\/p>\n\n\n\n

\u201cThe strong growth in 2018 was driven mainly by the strong US economy and labour market, where the majority of the region\u2019s migrants reside. Improving fundamentals were also seen in Spain, the second largest host of migrants from the region,\u201d the World Bank added.<\/p>

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In its report, the Washington-based financial institution said intra-regional migration also contributed to the rise in remittances.<\/p>

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But it said remittance growth for the region is expected to slow down to 3.8 per cent in 2019.<\/p>\n\n\n\n

The report estimates that officially recorded remittances to developing countries will increase by 10.8 per cent to reach US$528 billion in 2018.<\/p>

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It said this new record level follows robust growth of 7.8 per cent in 2017. Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to US$689 billion, the report says.<\/p>\n\n\n\n

The World Bank said remittance flows rose in all regions, most notably in Europe and Central Asia (20 per cent) and South Asia (13.5 per cent), followed by Sub-Saharan Africa (9.8 per cent), Latin America and the Caribbean (9.3 per cent), the Middle East and North Africa (9.1 per cent), and East Asia and the Pacific (6.6 per cent).<\/p>

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The report states growth was driven by a stronger economy and employment situation in the United States and a rebound in outward flows from Gulf Cooperation Council (GCC) countries and the Russian Federation.<\/p>

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\u201cEven with technological advances, remittances fees remain too high, double the SDG target of three per cent,\u201d said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations and Partnerships at the World Bank.<\/p>\n\n\n\n

\u201cOpening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers,\u201d he added.<\/p>\n\n\n\n

The report said no solutions are \u201cyet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers.\u201d<\/p>\n\n\n\n

It said \u201canother persistent factor\u201d that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, \u201cas it allows the operator to charge higher fees to poorer customers dependent on post offices.\u201d<\/p>\n

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The World Bank \u00a0says remittances to low- and middle-income countries, including those in the Caribbean, grew rapidly and are projected to reach a new record in 2018. The latest edition of the Washington-based financial institution\u2019s Migration and Development Brief, notes that remittance flows into Latin America and the Caribbean grew by about 9.3 per cent […]<\/p>\n","protected":false},"author":3,"featured_media":22449,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-22448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional"],"yoast_head":"\nRemittances to the Caribbean projected to reach new record in 2018 - 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\/remittances-to-the-caribbean-projected-to-reach-new-record-in-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances to the Caribbean projected to reach new record in 2018\" \/>\n<meta property=\"og:description\" content=\"The World Bank \u00a0says remittances to low- and middle-income countries, including those in the Caribbean, grew rapidly and are projected to reach a new record in 2018. 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