Remittances to Latin America and the Caribbean in 2024: Diminishing Rates of Growth

The remittances received by immigrant families from Latin American and Caribbean (LAC) countries contribute significantly to reducing their poverty and are one of the main reasons for international migration. After several years of high growth during the pandemic, 2024 will see a slowdown in the growth of remittance flows to the Latin American and Caribbean region. A projection of the evolution of remittances to LAC countries in 2024 is presented, with an analysis of the determinants of flows and the impact that changes in macroeconomic variables have on the purchasing power of remittances for recipient families. Additionally, the report includes some stylized facts about remittance sending behavior based on several surveys of people who send remittances to several countries in the region.