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World Bank says remittances to Caribbean to grow by five per cent

World Bank says remittances to Caribbean to grow by five per cent

Posted by Shanelle Weir on October 07, 2014

The World Bank says remittances by international migrants from the Caribbean and other developing countries are on course for strong growth this year.

The bank also says at the same time forced migration due to violence and conflict has reached unprecedented levels.

The World Bank in its latest publication said remittances to developing countries are expected to reach US$435 billion this year, an increase of five per cent over 2013.

It said remittances to developing countries will continue climbing in the medium term, reaching an estimated US$454 billion in 2015.

The report says remittance flows to the Latin America and the Caribbean (LAC) region are “likely to bounce back this year, following a weak 2013”.

It says that remittances to the region are expected to reach US$64 billion, an increase by five per cent this year, compared to one per cent last year.

The World Bank said the figure should rise to US$67 billion in 2015.

Global remittances, including those to high-income countries, are estimated at US$582 billion this year, rising to US$608 billion next year.

“Remittances remain an especially important and stable source of private inflows to developing countries, as they bring in large amounts of foreign currency that help sustain the balance of payments,” the report stated.

It says that, in 2013, remittances were significantly higher than foreign direct investment (FDI) to developing countries and were three times larger than official development assistance.

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