Three Caribbean Countries Could Surpass USD 16 Billion In Remittances This Year

News Americas, NEW YORK, NY, Weds. Nov. 17, 2021: Remittance inflows to just three Caribbean countries could surpass USD 16 billion this year, according to just released data from the World Bank.

Topping the list is the Dominican Republic, which is projected to receive US $10.46 billion this year. That’s a rise from USD 8.3 billion last year.

They are followed by Jamaica, which is projected to receive USD 3.5 billion this year, a rise from 3 billion last year.

Rounding out the top three is Haiti, which is set to receive USD 3.11 billion this year, the same as last year.

Generally, remittance flows into the Caribbean and Latin America will likely reach a new high of $126 billion in 2021, registering a solid advance of 21.6 percent compared to 2020, the World Bank said Wednesday.

Mexico, the region’s largest remittance recipient, received 42 percent ($52.7 billion) of the regional total. The value of remittances as a share of GDP exceeds 20 percent for several smaller economies: El Salvador (26.2 percent), Honduras (26.6 percent), and Guatemala (18 percent).

The adverse effects of COVID-19 and Hurricanes Grace and Ida contributed to higher remittance flows to Mexico and Central America.