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Latin America remittances growth will slow in 2022-23

Friday, December 16, 2022

Significance

Migrants from LAC sent home a record amount of money in 2021 as the employment situation improved for many of them in the United States, where the great majority live. Double-digit increases in remittance inflows were recorded in many LAC countries, and Mexico experienced growth in inflows of above 20%.

Impacts

  • Several countries in LAC will receive more remittances than foreign direct investment in 2022 and 2023.
  • Continued growth in money transfers will boost consumption in much of the region.
  • The average cost of sending money to LAC is likely to remain above the goal set by the UN for some years.

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