The World Bank says remittances to Latin America and the Caribbean are estimated to have grown 9.3 per cent this year to US$142 billion.
It said that data for the first nine months of 2022 show a 45 per cent increase for Nicaragua, 20 per cent for Guatemala, 15 per cent for Mexico, and nine per cent for Colombia.
According to the Washington-based financial institution, increased employment of migrants from Latin America and the Caribbean in the United States has contributed to remittance flows.
According to the World Bank, remittances received by migrants in transit also contributed to strong flows, and as a share of gross domestic product, remittances exceed 20 per cent in El Salvador, Honduras, Jamaica, and Haiti.
In 2023, remittances will likely moderate to 4.7 per cent growth due to a weaker economic outlook for the United States, Italy, and Spain.
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