Basseterre, St.Kitts (Mon. Oct. 31, 2016): Remittances to low and middle income countries are expected to increase 0.8 percent to $442 billion IN 2016. The modest recovery this year is largely driven by increases in remittances sent to Latin America and the Caribbean. In contrast, other regions seeing a decline in the earnings sent home by migrants. This follows a decline in the level of remittances recorded in 2015.
Latin America and the Caribbean saw remittance flows into the region increase in the first half of 2016, due mainly to a recovering U.S. economy. Remittances to the region are expected to grow by 6.3 percent and reach $72 billion by the end of 2016.
Remittance flows or money transfers from migrants overseas continues to be a big part of foreign capital inflow into the Caribbean. Within the Sub Region St.Kitts-Nevis has received the highest amount of remittances among OECS States, so far this year from their nationals abroad.
St. Kitts & Nevis For the year thus far the Federation of St. Kitts & Nevis has received USD 52 million (EC$141 million) in remittances according to The World Bank’s latest paper on Migration and Development remittances to Latin American and Caribbean. That shows an increase of 5.6 percent from 2015. The amounts are hugely influenced by the ever growing population of Non-Nationals or Immigrants to the islands..
St. Vincent and the Grenadines received USD 32 million in remittances from its nationals overseas so far this year, according to the World Bank data, to land it at third on our Top 5 list. This was an increase of 4.2 percent from last year.
St. Lucia with the 3rd highest in the OECS received some USD 31 million in remittances so far this year, data from the World Bank shows, an increase of some 2.1 percent for the same period last year.
Dominica follows with remittances on in ecess of USD 24 million for this year, according to the World Bank, an increase of 4.4 percent from last year.
“Remittances continue to be an important component of the global economy, surpassing international aid,” said Augusto Lopez-Claros, Director of the World Bank’s Global Indicators Group recently, as the paper notes that remittances flows to the Caribbean and Latin America region increased during the first eight months of 2016 due possibly to the recovery of the US economy, which is in its seventh year of expansion, and a slight recovery in Spain in the second quarter of 2016.