Remittances to Latin America and the Caribbean in 2011: Regaining Growth
This document details trends in remittances to Latin America and the Caribbean in 2011, paying particular attention to the effects of recent economic growth. Over the course of 2011, remittance flows to Latin American and Caribbean (LAC) showed signs of a solid recovery, reaching growth rates close to those recorded before the start of the global economic crisis. Since the last quarter of 2008, the increases in unemployment rates in traditional sending countries like the United States, Spain, and Japan, and the ensuing drops in incomes among LAC migrants had caused an unprecedented decline in the volume of remittances sent to the region. In 2010, remittances to LAC showed signs of stabilization, finishing on a positive growth trend that resulted in an annual volume that was slightly higher than the previous year. In 2011, the countries in the region received a total of US$ 61 billion in remittances, which represents an increase of 6% over the previous year.