WASHINGTON – Expatriates’ remittances to Latin America and the Caribbean increased 4 percent in 2014 to $62.3 billion, the biggest jump since the global economic crisis in 2009, the Inter-American Dialogue, a Washington think-tank, said Tuesday.
The largest gains went to Mexico and Central America, while several South American countries saw a decrease in remittances, due largely to the persistent economic crisis in Spain.
The overall advance in remittances to Latin America reflects improvements in the U.S. labor market, new migration patterns and the proliferation of new ways to transfer money, according to the report.
Remittances to Mexico increased 8.8 percent over 2013, while funds sent to Honduras increased 12.5 percent, and to Guatemala, 9 percent.
The Spanish economic crisis, with high levels of unemployment and falling pay, is largely responsible for decreases in remittances to Bolivia, 2.4 percent; Peru, 2.3 percent, and Colombia, which saw a 15 percent drop, the report said.