Remittances to the Caribbean continue to grow

In the years before the financial crisis of 2008-2009, remittances to the region as a whole experienced average annual growth of 17 percent. After a record high in 2008 of US $64.9 billion, there was a sharp drop in 2009 of over 10 percent, followed by an increase in 2011 of 6 percent, and subsequent stagnation that continued up to 2013.

The fund estimates that remittances to the region could increase by 5 – 7 percent in 2014. It said this estimate is based on migration and labor trends in 2013 and on expectations for stronger performance in the U.S. and European economies in 2014, already reflected in improved employment figures in the first months of this year. -(CMC)

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