Data from the Bank of Jamaica (BOJ) show that remittance inflows have been declining from the peak of 24 per cent of gross domestic product (GDP) reached in 2021 during the COVID-19 pandemic to 20.2 per cent in 2022 and 17 per cent of GDP in 2023.
These flows also fell from 166% of tourist expenditure in 2021 to 78.1% in 2023.
The BOJ is also reporting that remittance flows tumbled from 236.2% of export earnings in 2021 to 169.3% in 2023 as well as from 1,091% of Foreign Direct Investment flows in 2021 to 895.1% in 2023.
In the meantime, there are concerns US presidential candidate Donald Trump's policies related to immigration and mass deportations could lead to a further slowdown in remittance flows to Jamaica.
Data from the BOJ indicates that for the period January to August this year, of every US$100 flowing into Jamaica, $67.90 came from the United States.
This is down from the $68.40 recorded during the similar period last year.
Meanwhile, when compared with the country's other major sources of remittance inflows, $11.30 per US$100 came from Canada, $10.80 from the UK and $6 from the Cayman Islands.
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