Here are some other interesting excerpts from that report:
- Once "hidden in plain view," remittances are now widely recognized as
critical to the survival of millions of individual families, and the health of
many national economies throughout Latin America and the Caribbean (LAC).- Unlike foreign aid, migrant remittances go directly to families in places
that are often difficult to reach with official development assistance.- While international capital flows have fluctuated with market cycles,
remittances have steadily increased, even during economic recession.- For 2006, remittances to LAC reached US$62.3 billion (14% over 2005), making the region the largest remittance market in the world.
- This amount exceeded, for the fourth consecutive year, the combined flows of
all net Foreign Direct Investment (FDI) and Official Development Assistance
(ODA) to the region. Given the complicated process of tracking informal
flows, particularly those still carried by hand, actual flows could be at least
10% higher.- Mexico remains the largest recipient of remittances, at over US$23 billion,
followed by Brazil and Colombia which reached over US$7 and US$4 billion
respectively. Central America and the Dominican Republic combined to reach over US$13 billion; the An-dean countries totaled almost US$11 billion; and the Caribbean, $4.5 billion.- It is currently estimated that over 20 million LAC-born adults send money
home on a regular basis -- typically $200-$300 a month - resulting in more than 250 million separate financial transactions a year.
These figures are revealing indeed, and raises the question whether the diaspora as a whole fully appreciates how important its role can be, in promoting the social and economic development of the so-called 'third world,' and in banishing poverty worldwide!
What are your thoughts on this tantalizing issue? Please share them with us by placing a Post or Comment on this blog.
Thank you.
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