Latin America and the Caribbean recorded the highest increase in remittances in 2015.
That’s according to the World Bank’s latest edition of the Migration and Development Brief, released this morning.
Remittances to developing countries grew only marginally in 2015, as weak oil prices and other factors strained the earnings of migrants and their ability to send money home to their families.
However, among geographical regions, Latin America and the Caribbean saw the most rapid growth rate in remittances, of nearly 5 percent, due to the recovery in labour markets in the United States.
Growth is expected to continue in 2016, albeit at a slower pace.
Remittances to the region are expected to surpass USD$69-billion this year, up from $66-billion last year.
Overall, the World Bank said, officially recorded remittances to developing countries amounted to USD$431.6-billion in 2015, an increase of 0.4-percent increase over 2014.
The growth pace in 2015 was the slowest since the global financial crisis.
Global remittances, which include those to high-income countries, contracted by 1.7 percent.