The Inter American Development Bank said yesterday that remittances received by Latin American and Caribbean countries are projected to reach a record US$155 billion in 2023.
The Washington-based financial institution in a new report said the record revenue would be achieved if the current trends continue.
According to the IDB, the 2023 figure would be an increase of 9.5 per cent compared to the US$142 billion received last year completing 15 consecutive years of growth.
It said the sustained growth of remittances reflects new intra-regional migratory flows and the contribution that migrants make to their countries of origin.
In the case of the Caribbean countries, growth in 2023 reflects 2.6 per cent.