Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Latam, Caribbean remittances to reach yearly record -IDB

Published Nov 16, 2023 02:08AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters

NEW YORK (Reuters) - Money shipped to Latin America and the Caribbean as remittances could hit a record $156 billion this year, a 9.5% jump from the previous record, according to estimates released on Thursday by the Inter-American Development Bank (IDB).

"Remittances to Latin American and Caribbean countries have shown sustained growth of around 10% annually for the past 10 years," said the IDB in a report highlighting the contribution that migrants make to their countries of origin.

Greater cash amounts sent to Mexico and Central America account for most of the increase, even as forecasts show a deceleration in the pace of growth for both compared to 2022.

Remittances to Mexico are estimated to rise 9.8% this year compared with 13.4% last year. Central America could see an increase of 13.2% in 2023 after a 15.7% rise the previous year.

Remittances to South America are seen rising 7.9% after growing at a 10.2% rate last year.

The Caribbean countries, where growth this year is estimated at 2.6% versus a contraction of 5.3% last year, are the sole region that saw an improvement from last year.

The study estimates the average weekly salary for workers from Latin America and the Caribbean in the United States will rise 3.9% this year to $860.

Almost $6 of every $10 sent back home come from North America, the IDB report showed, citing 2020 data. More than a fourth of the total comes from within the Latam and Caribbean region, and almost 13% come from Europe.

Out of every $10 sent, about $4 lands in Mexico, just under $3 goes to Central America, almost $2 goes to South America and about $1 to the Caribbean, according to estimates in the report.



Latam, Caribbean remittances to reach yearly record -IDB

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email