March 16, 2010

The Value of Remittances to CARICOM

Holding on to the ties that bind

Published on: 3/16/2010.

REMITTANCES, an essential financial lifeline for families throughout the Caribbean, have suffered significantly in the past year, falling by at least 11 per cent or even more in some countries.

The flow of money to nations throughout the region, indeed in almost every case in the Caribbean and Latin America, has been hurt by the deep economic recession in the United States, Canada and Britain.

Anyone searching for proof of the pitfalls of globalisation, remittances would be a good place to start.

The high unemployment across the United States has reduced the earning power of Caribbean immigrants and that reduced financial strength means people at home are getting less. It's a vicious circle that shows little signs of easing up this year.

Read full article here.

No comments: