This memo offers an overview of family remittances to Latin America and the Caribbean, which grew 6% in 2015. The growth in remittances is taking place in countries that are experiencing violence, conflict and/or poor governance, as well as those with increases in international migration.
The memo explores trends with regards to migration, remittances and determining factors of remittances. It also touches on country-specific trends for Mexico, Guatemala, Colombia, Haiti, Ecuador, and Cuba. These findings point to conflict and lagging economic development as some of the primary drivers of international migration. Moreover, in the context of the slowdown in 2016, it is important to monitor continued migration as well as mechanisms that can bolster economic performance by leveraging remittances for development.
