Remittances to Latin America and the Caribbean in 2021. Migrant Efforts During the COVID-19 Crisis

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Date
Jul 2022
The remittances received by the families of migrants in Latin America and the Caribbean constitute a major contribution to their subsistence. They are often an important contributor to preventing fa- milies from falling below the poverty line, and they are often one of the motivating factors behind the decision to emigrate. Furthermore, they are way of maintaining the cohesion of transnational fami- lies that result from human displacement. This is even more evident during times of crisis, when re-mittances have proved to have a countercyclical effect, reducing the impact of such crises on fami- lies that receive them. It also shows the solidari-ty that motivates migrants and demonstrates how committed they are to the welfare of their relatives in their countries of origin.
This report is one of the knowledge products on data and statistics that we lead in the Migration Unit. We will also be publishing a quarterly report on remittances.
Recent migration flows in Latin America and the Caribbean have had significant effects on recei- ving countries, generating social pressure around migrants need for services in their host commu-nities. However, migration also brings opportuni-ties. As in other parts of the world, in Latin Ame- rica remittances are an income source for families, make a major contribution to GDP, and are a tool for financial inclusion. To truly capitalize on them as a development tool, they need to be measured and analyzed. We hope that this report will help achieve this.