Source: Pew Research Center
Remittance flows decreased worldwide for a second consecutive year in 2016, the first back-to-back decline in over three decades, according to recently released data from the World Bank. Remittances to Latin America and the Caribbean, however, rose to a record high.
Globally, migrants sent an estimated $574 billion to their home countries in 2016, a 1.4% drop from 2015. But in Latin America and the Caribbean – together making up a region where many people say economic conditions are bad – remittances rose to $74.3 billion, a 7.4% increase from the previous year ($69.2 billion). Europe was the only other region in the world to see an increase, and it was a much smaller one (up 0.9%).