A new report published by the Global Knowledge Partnership on Migration and Development (KNOMAD) suggests that remittances to Haiti 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 thoughtful insights on various trends affecting the flow of migration and remittances around the world.
Specifically, among countries in Latin America and the Caribbean (LAC), Haiti saw the largest share of remittance inflows as a percentage of GDP.
Likewise, Honduras and Jamaica also received a relatively large share of remittances as a percentage of GDP.
Remittances to those countries accounted for nearly 18.4% and 17.4% of GDP, respectively.
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 brief estimates that total remittance inflows into Latin America and the Caribbean will top $79 Billion this year. If met, the forecast would represent a nearly 6.9% year-over-year increase.
The report also suggests that the rapid growth in remittance inflows into the LAC can largely be attributed to a more robust 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), the World Bank, and research staff.
You can read more about the Latin America and Caribbean outlook by visiting pages 23 & 24 of KNOMAD’s Migration and Development Brief 28.