Remittances to Latin America and the Caribbean have dropped significantly in the first half of this year, according to the World Bank, and are forecast to decrease by 6.9% overall.
In a statement on Monday, the Bank said that remittance flows to developing countries are predicted to decline by 7.3% in 2009. The Bank released its updated estimates on the sidelines of an International Diaspora and Development Conference being held in Washington. For the Latin America and Caribbean region, the new forecasts show a -6.9 percent decline in remittances while it was stated too that flows to this region are expected to level off, with a smaller decline in the second half of 2009. Read full article
July 15th, 2009