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Haiti - Economy : The remittances of the diaspora represent 34% of the GDP of Haiti
26/01/2018 06:48:05

Haiti - Economy : The remittances of the diaspora represent 34% of the GDP of Haiti
In 2017, money transfers to 17 countries in Latin America and the Caribbean rose on average by 8.5%, for a total of $ 75 billion, according to a report published on January 25, 2018 by the Inter-American Dialogue Center. For Haiti, the increase in transfers in 2017 was + 15% compared to + 7% in 2016.

President Donald Trump's immigration policy has had a clear impact on remittances to Latin America, for many immigrants driven by fear of deportation. The report also mentions as causes of this increase: the fluctuation of the exchange rate, the high rate of inflation of the beneficiary countries as well as the political events of the country of origin of the migrant.

According to Manuel Orozco, Director of Migration, author of the report, the amount of money transferred will continue to have important effects on Latin American and Caribbean countries, noting that these transfers, for 10 out of 17 countries, represent 5% of their Gross Domestic Product (GDP), except in Haiti where transfers account for 34% of GDP due to the weakness of its economy.

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