The Latin American countries that depend the most on remittances

A report published by the research center "Diálogo Interamericano," based in Washington, indicates that in 2017, family remittances sent to 17 countries in Latin America and the Caribbean reached 75 billion dollars, representing an increase of over 8% compared to a similar study from the previous year.

The figure far exceeds the World Bank's forecasts, which estimated an increase of 1.2%. Currently, remittances account for more than 10% of the Gross Domestic Product (GDP) in five of the countries included in the study.

More than a third of the 75 billion dollars was directed to Mexico (28.63 billion), with the majority coming from the United States.

In some Latin American countries, remittances play a crucial role in their economies, sometimes accounting for more than one-third of their GDP.

The increase in remittances is attributed to high migration figures in countries such as Haiti, the Dominican Republic, Guatemala, Honduras, El Salvador, and Colombia.

The countries mentioned account for 45% of remittance flows and experienced a growth of over 10% last year. In fact, for Central America and the Caribbean, the projected economic growth of 3.5% for these countries is largely attributable to a combined increase of 15% in remittances.

What is happening in the case of Cuba?

Although Cuba is one of the Latin American countries with a high proportion of citizens living abroad, and there are many Cuban migrants who send remittances, the Island was not included in the Inter-American Dialogue study because, as stated, "updated data was not available."

According to the American Community Survey, there are about 2.2 million residents of Cuban origin in the U.S., of which approximately 1.3 million are immigrants.

A study conducted in 2017 by The Havana Consulting Group (THCG) ―a consulting firm focused on economics and business in Cuba based in Miami― found that remittances sent to Cuba in 2016 amounted to approximately 3.444 billion dollars.

According to the BBC, this figure for remittances would exceed the 2.907 billion dollars the Island received from tourism that same year, and "is equivalent to almost 70% of the Island's goods exports."