Decline in remittances forecast

[NewsWhore]

The Inter-American Development Bank is warning that Latin America should expect a decline in flows of money sent home by migrants hit by the economic slowdown and exchange rate swings. The IDB says that after almost a decade of growth, remittances to Latin America and the Caribbean are likely to decline in 2009 for the first time since the IDB began tracking the flows in 2000. Remittances have been decreasing since late 2008. The IDB says that after many years of persistent growth, remittances to Latin America and the Caribbean came under pressure in 2008 as major source countries, including the United States, Spain and Japan, fell into recession. The crisis has especially hit industries that employ foreign workers, such as construction, manufacturing, hotels and restaurants.
See www.iadb.org/news/detail.cfm?language=English&id=5160... (http://www.iadb.org/news/detail.cfm?language=English&id=5160&wt.mc_id=5160&ealertFrq=HA www.iadb.org/mif/remesas_map.cfm?language=English&ealertFrq=HA&ealertRightBox=Links)

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