Migrants from Latin America and the Caribbean (LAC) living in the more developed countries will send back to their home countries US$64 billion in 2009, US$4 billion less than in 2008. Nevertheless, this total represents more than the sum of foreign direct investment and official development aid combined. As the global economic crisis continues, the flow of remittances is expected to be reduced by about 7 percent, according to reports emanating from the Inter-American Development Bank (IDB) and other international financial bodies.
Already, this reduction is vividly noticed in recipient countries. Earlier this month, the Planning Institute of Jamaica noted that inflows to that country for the first quarter of this year dropped by 15 percent to US$414.6 million compared to the same period last year.

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