Remittances on the rise in 2010
Remittances from the U.S. to other nations decreased in 2009 in light of the bumpy economy. However, the Miami Herald reports that this year remittances from some Latin American countries have begun to increase.
Remittances to countries in the Caribbean and Latin America decreased by 12 percent last year. However in, El Salvador, Honduras, Guatemala and Jamaica, the practice seems to be becoming more popular, experts at the World Bank told the news source.
Researchers believe they will see an increase in those regions by an estimated 5.7 percent this year, and further growth in 2011. According to the news source, Mexicans living abroad sent nearly $22 billion in remittances last year, more than any other demographic in Latin America.
Many of these workers take on manual labor jobs that require long hours for little pay, in order to wire transfer money home to loved ones who may be struggling to make ends meet. According to The Migration Policy Institute, in 2009, $414 billion in remittances were sent worldwide.
One worker from Haiti, Pierre Lopez, told the news organization that he has doubled his remittance amount this year, often at a personal sacrifice. “Sometimes I don’t eat. If I have $100, I know $70 is automatically for Haiti.”