For the second year in a row, remittance flows to Latin America and the Caribbean (lac) in 2016 exceeded previous record levels, reaching usd 65,657 million with a growth rate of 5.9% on the previous year. This is the highest growth rate recorded in the past four years.1 After the fall that remittance flows to the region experienced in the aftermath of the 2008/2009 global financial crisis, the recovery of these flows has been modest but constant over the next years, slowing down in 2012 and 2013 but without falling again in annual terms.
Since then, the growth rate has recovered to the point that remittance flows reached a record high in 2015, the result of an extraordinary increase observed especially during the third quarter of that year.
Remittances to Latin America and The Caribbean in 2015-2016: Accelerating their Growth
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