Remittances, or the money sent by migrants to their home countries, have always played a crucial role in the economies of Latin America and the Caribbean. That became particularly clear during the COVID-19 pandemic, with much of the region’s economies on life support in mid- to late 2020. Against this backdrop, remittances acted as an automatic stabilizer, supporting local … [Read more...] about Digital Finance and Pandemic Remittances
#remittances
Why Remittances Soared as the Pandemic Raged
Remittances – money sent from migrants working abroad to families in their home countries – are a major source of income for many in Latin American and the Caribbean, representing as much as 20% of the GDP in nations such as El Salvador, Honduras, Haiti, and Jamaica. As occurred after the 2008 global financial crisis, remittances typically dry up in the wake of economic … [Read more...] about Why Remittances Soared as the Pandemic Raged
Latin America and Trump: the IDB’s Chief Economist Identifies Potential Opportunities for the Region
Latin America, like the rest of the world, cautiously awaits the beginning of Donald Trump's presidency in the United States. There is great anticipation to see if the president elect fulfills his campaign promises—many of them already played down—and how his government's policies affect the region. In an interview with the Spanish daily El País, the IDB's chief economist, José … [Read more...] about Latin America and Trump: the IDB’s Chief Economist Identifies Potential Opportunities for the Region
Beyond Remittances: Migrants and the Circulation of Brains
Every time the United States approaches an election cycle, migration policies become the subject of heated—if not evidence-based—debate. This year is no exception, as demonstrated by the exchange between immigration opponents and sons of immigrants on the stage of the Republican presidential debate. Discussion of migration typically gravitates to the subject of remittances: … [Read more...] about Beyond Remittances: Migrants and the Circulation of Brains
The Diaspora Goldmine
Many countries have substantial diasporas, but not many are proud of it. After all, people tend not to leave a country when it is doing well, so the diaspora is often a reminder of a country’s darker moments. El Salvador, Nicaragua, and Cuba, to cite three examples, had more than 10% of their native population living abroad in 2010. And this figure does not take into account … [Read more...] about The Diaspora Goldmine