IDB forecasts record remittances to Latin America and Caribbean in 2024, up 5% to $161 billion.

The Inter-American Development Bank (IDB) predicts a record high in remittances to Latin America and the Caribbean in 2024, with Caribbean countries receiving $18.4 billion, a 2% increase. Despite this growth, the rate is the slowest in a decade due to reduced human mobility and slower labor market growth for migrants. Remittances, crucial for daily expenses and education, are projected to total $161 billion in 2024, up 5% from 2023.

November 29, 2024
3 Articles