Latin America

The economic importance of Latino migrants sending money home

Common practice among Latin American migrants in the U.S., dollar remittances to their family members back home make up a crucial part of the region's GDP

remittances dollar
Three latino workers from a painting company in Lake Oswego, Oregon, take a break. Photo: Tada Images/Shutterstock

Whether they are fleeing from violence, poverty, unemployment, climate change, or political reasons, millions of Latin Americans see the act of emigration as an opportunity for a better life. Pre-pandemic official figures showed that people from Latin America and the Caribbean made up 14.6 percent of the global migrant population, meaning that 37.7 million citizens are living outside their home countries, whether that be in the Americas or elsewhere. Forecasts suggest this trend will only increase in the coming decades. 

While the Latin American diaspora spreads worldwide, the flow of immigrants to North America is a key aspect...

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