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The sovereign debt crisis will not negatively affect remittances to Latin America and the Caribbean (LAC), which are predicted to grow some 7-8% annually in the next three years, reaching US$77bn in 2014, lead economist and manager of the World Bank's migration and remittances team, Dilip Ratha, told BNamericas.
This rate of growth should be more sustainable than pre-crisis levels, which were typically in the double digits, he added.
The main factor in maintaining remittance growth is the migrant stock, which has continued to increase in US and Western Europe despite the crisis, Ratha said.
Changes in both return migration and new migration have not been significant "despite the crisis and despite the brighter economic outlook in Brazil and in many Latin American countries," he said.
These sustained levels of migration have had a major impact on remittance flows to LAC, which after growing just 1.2% in 2010 have increased 7% in 2011 so far and are expected to total US$61bn for the year.
Ratha coauthored a World Bank report on the global outlook for remittance flows in 2012-14, published on December 1. To read the full report, go to this link