The World Bank’s latest paper on Migration and Development says remittances to the Latin American and Caribbean is set to see a 6.3 percent increase this year compared to other regions globally and reach $72 billion by the end of 2016. This follows a decline in the level of remittances recorded in 2015. Here are six Caribbean nations with the highest number of remittance inflows so far this year:
1: The Dominican Republic
The Dominican Republic, with a GDP of USD 64 billion, continues to lead the Caribbean with the highest receipts of remittances again this year. According to the World Bank’s latest data, DR nationals overseas have already sent home USD 5.3 billion this year, an increase of almost 7.8 percent over the same period last year.
Jamaicans are still sending lots of money home to support their loved ones. According to the latest World Bank data, the country has seen USD 2.4 billion so far this year, an increase of almost 17 percent over 2015. The country’s current GDP is around USD 14 billion.
Haitians have sent back almost USD2.3 billion so far this year, an increase of almost 25 percent from last year. Haiti’s GDP is estimated at USD 9 billion.
The South American CARICOM nation of Guyana recorded USD 296 million, according to the World Bank numbers, a whopping 9.3 percent over the same period for 2015. Guyana’s GDP is estimated at USD 3.1 billion.
5: Trinidad & Tobago
The twin-island Republic of Trinidad and Tobago, with a GDP of USD 31 billion, has received USD 128 million so far this year, according to the World Bank data, but the increase was only a slight half percent gain over 2015.
Barbados, with a GDP of around USD 4 billion, rounded out the top 6 receiving USD 106 million so far in remittances, a 2.4 percent increase over 2015.
From January to August 2016, the year-on-year growth rates in remittance inflows were: Mexico 6.6 percent, El Salvador 6 percent, Honduras 6.4 percent, and Guatemala 15 percent. In Colombia, remittances from the US increased by 12 percent and from Spain by 19 percent during the first half of 2016.
“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, 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.