A new report published by the Global Knowledge Partnership on Migration and Development (KNOMAD) suggest that remittances sent to Haiti by it’s diaspora may account for nearly 31.2 % of the country’s Gross Domestic Product (GDP).
In KNOMAD’s Migration and Development Brief 28, the research hub delivers thought-provoking insights on various trends affecting the flow of migration and remittances around the world.
The report also covers a special topic called “Return Migration“.
Specifically, among countries in Latin America and the Caribbean (LAC), Haiti saw the largest share of remittance inflows as a percentage of GDP.
Two other countries that received a relatively large share of remittances as a percentage of GDP were Honduras and Jamaica; with remittances to those countries accounting for 18.4% and 17.4% of GDP respectively.
The brief also estimates that total remittance inflows into Latin America and the Caribbean will top $79 Billion this year. If met, the forecast would represent an impressive 6.9% growth over the prior year.
The top 3 countries currently leading the region in total remittance inflows include Mexico (30.5 B), Guatemala (8.7 B) and the Dominican Republic (5.7 B).
The report suggest that the rapid growth in remittance inflows into the LAC can largely be attributed to a stronger U.S. labor market and changes in immigration policy.
Remittances to Haiti are expected to steadily grow as the large scale migration of Haitians into Brazil & Chile continues.
The economic data used to calculate these estimates are largely based on figures compiled by the International Monetary Fund (IMF), World Bank and research staff.
You can read more about the outlook for Latin America and the Caribbean by visiting pages 23 & 24 of KNOMAD’s Migration and Development Brief 28.