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Remittances & Labor Migration

Remittances are intrinsically linked to labor migration. The vast majority of Latin American and Caribbean immigrants left their countries of origin due to, political prosecution, weak economic growth performance including, the increasing poverty and inequality in marginal urban and rural areas, the lack of access of the poor to receive financial services to build assets , among other factors. (Download Information Sheet)

In 2006, Latino and Caribbean immigrants sent over $60 billion in remittances, primarily from the United States. Migrants send an average of U.S. $250-$300.00, depending on the country, to their relatives and friends. The impact of remittances is such that for many countries is the most important source of income and savings, and, exceeds the Official Development Assistance and has been an important engine for development, creating the basis to improving the quality of life of many poor communities. For more information on this issue please visit the Inter American Development Bank Web Site: www.idab.org or, the InterAmerican Dialogue Website: www.thedialogue.org

As an important foot note, this year (2008) Latinos in the US purchasing power will top 1 Trillion dollars.