NEW YORK, NY - Remittance inflows to just three Caribbean countries could surpass USD 16 billion this year, according to just released data from the World Bank.
Romeo Gacad/AFP/Getty ImagesTopping the list is the Dominican Republic, which is projected to receive US $10.46 billion this year. That’s a rise from USD 8.3 billion last year.
They are followed by Jamaica, which is projected to receive USD 3.5 billion this year, a rise from 3 billion last year.
Rounding out the top three is Haiti, which is set to receive USD 3.11 billion this year, the same as last year.
Generally, remittance flows into the Caribbean and Latin America will likely reach a new high of $126 billion in 2021, registering a solid advance of 21.6 percent compared to 2020, the World Bank said Wednesday.
Mexico, the region’s largest remittance recipient, received 42 percent ($52.7 billion) of the regional total. The value of remittances as a share of GDP exceeds 20 percent for several smaller economies: El Salvador (26.2 percent), Honduras (26.6 percent), and Guatemala (18 percent).
The adverse effects of COVID-19 and Hurricanes Grace and Ida contributed to higher remittance flows to Mexico and Central America.
Here’s where the other Caribbean nations stack up:
Guyana – USD 393 million
Trinidad and Tobago – USD 178 million
Suriname – USD 170 million
Belize – USD 140 million
Curacao – USD 124 million
Barbados – USD 108 million
Dominica – USD 52 million
Grenada- USD 48 million
Aruba – USD 38 million
St. Kitts & Nevis – USD 26 million
Antigua & Barbuda – USD 25 million
St. Lucia – USD 25 million
Cayman Islands – USD 14 million
Turks & Caicos – USD 7 million
~NewsAmericasNow.com
