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COVID-19 impacts will cut Latin American remittances

Thursday, June 11, 2020

Significance

The contraction, after several years of robust growth, will stem from a deep recession and measures to contain the spread of COVID-19.

Impacts

  • Rising unemployment in South American countries hosting Venezuelan migrants, and the return of many to Venezuela, will cut remittances.
  • Efforts to educate migrants on using digital channels to send money home are likely to increase.
  • Hostile attitudes towards immigrants in LAC will rise as a result of the economic crisis.
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