Remittances to Latin America and the Caribbean in 2023
Peer Reviewed
Date issued
November 2023
Subject
Remittance;
Migrant;
Economic Development
JEL code
F24 - Remittances;
F22 - International Migration;
J61 - Geographic Labor Mobility • Immigrant Workers;
O15 - Human Resources • Human Development • Income Distribution • Migration;
R23 - Regional Migration • Regional Labor Markets • Population • Neighborhood Characteristics
Category
Technical Notes
During 2022 and 2023, flows of remittances re-ceived by LAC countries continued to grow at rates of 10.7% and 9.5% respectively, similar to the rates that had been observed before the COVID-19 pandemic, thus consolidating the trend observed up to 2018 and 2019. The growth of remittances in 2023 is produced above all by the growth of remit-tances received by the Central American countries (13.2%), in particular Nicaragua, by the growth of the remittances that Mexico received (9.8%), and the growth in remittances to South America (7.9%), especially to Argentina and Paraguay. In the case of Caribbean countries, growth was more moderate (2.6%), driven mostly by the remittances received by Trinidad and Tobago
