LatAm Remittances Drop 11%

The IDB forecasts that LatAm and the Caribbean will see remittances drop by 11% in 2009 to about $62bn. Remittances from the US – where unemployment among Latin Americans is higher than among the general population – are also expected to decline by 11% to about $42.3bn this year. Remittances from Europe, another major destination for Latin American migrants, are expected to drop by 14% to about $9bn. Remittances from other parts of the world will slide about 4.5% to $10.4bn.