Remittance growth in 2011 to Latin America and the Caribbean (LAC) has been slower than expected at 7% and lower than the global average of 8%, according to a World Bank report.
Global remittances for 2011 will reach US$406bn, with US$351bn going to developing countries.
The main factor influencing the region's slower growth rate is the continuing weakness of the US economy, the report said.
Although there are significant downside risks to future remittance growth, such as persistent unemployment and tougher immigration laws in US and Europe, global remittances are expected to grow 7.3% in 2012, and reach US$515bn by 2014.
The report also said currency depreciation against the US dollar in some migrant-exporting countries, including Mexico, made remittances an attractive option as purchases in home countries became cheaper in dollar terms.
To read the full report, go to this link