NewsWhore
11-01-2006, 05:30 PM
A study by the World Bank titled "Close to Home: The Development Impact of Remittances in Latin America" shows that the money sent home by workers in developed countries is effective in helping economic growth and the fight against poverty in Latin American and the Caribbean, but these are not a substitute for sound development policies. The study shows that the money sent home has helped improve each nation's educational and health indicators. The Dominican Republic, together with Guatemala and Honduras is one of the nations in the area that receives more than 10% of its GDP from remittances. The report says that for every 1% increase in remittances as part of GDP there is a 0.4% decrease in poverty. Mexico leads all nations with more than US$43 billion in remittances in 2005. A staggering 54% of Haiti's total GDP comes from remittances. In conclusion, the report recommends a reduction in the cost of sending money in order for remittances to continue at their current volume. Follow the discussions at http://discuss.worldbank.org/content/interview/detail/4640/
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