Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/18/2013 (11 months ago)

Catholic Online (www.catholic.org)

'Money sent home' more than eight times the amount spent on foreign aid

Immigrants from Latin American now residing in the United States are sending more money back home than ever before. With the exception of Mexico, the amount of U.S. immigrants sending money back home to South and Central America has more than doubled since 2000. The amount has increased substantially since the end of the Great Recession.

Remittances accounted for the highest percentage of GDP in El Salvador at 16.5 percent, Honduras at 15.7 percent and Guatemala at 10 percent.

Remittances accounted for the highest percentage of GDP in El Salvador at 16.5 percent, Honduras at 15.7 percent and Guatemala at 10 percent.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/18/2013 (11 months ago)

Published in Americas

Keywords: remittance, latin America, Mexico, money from home


LOS ANGELES, CA (Catholic Online) - In fact, remittances from private parties have far outpaced foreign aid in lifting people out of poverty in Latin America.

In a study released last week by Pew Research Center, remittances in 2011 totaled $53.1 billion, more than eight times the amount of official aid.

AFTER THE UNSPEAKABLE, WE SPEAK HOPE. Support Catholic Online's response to Typhoon Haiyan in the Philippines. DONATE NOW ...

More than half of those immigrating from Spanish-speaking countries, 54 percent, send part of their U.S. earnings home, and 17 percent of U.S.-born Latinos also maintain financial lifelines to relatives abroad.

The U.S. housing crisis that began in 2007 started taking a toll on immigrant workers' largesse. The report utilized World Bank data from 2000 to 2013. Since the housing crash, the amount of remittances have risen steadily annually in the first half of the last decade.

Researchers say that remittances dropped precipitously during the following two years, when construction and labor jobs dried up and the arrival of immigrants, versus the number departing the United States, which shrank to nearly nothing.

Money transfers to the 17 Latin American countries surveyed have picked up over the last four years, on course to reach $53.8 billion by the end of this year. But that figure remains 13 percent below the pre-recession peak of $61.6 billion in 2007.

The recession's effect in Mexico has been even more lingering, with this year's expected remittance intake of $22 billion still down 29 percent from the 2006 peak. The decline apparently reflects the drop in Mexican immigration to the United States.

Other facts and figured revealed by the study is the fact that the U.S. is the most important source of remittances to Latin America, accounting for three-quarters of last year's $52.9 billion total.

Spain was the second-largest provider of money to Latin America, contributing eight percent, or $4 billion, followed by Canada, where Latino immigrants sent home one percent of the regional total, or $704 million.

The majority of the remittances were used on the essentials, such as food and clothing. This allowed for rising living standards for recipients, but left little for job-creating investment.

Remittances accounted for the highest percentage of GDP in El Salvador at 16.5 percent, Honduras at 15.7 percent and Guatemala at 10 percent.

A birth foretold: click here to learn more!

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Americas

Bermuda buttons down for Hurricane Gonzalo Watch

Image of Bermuda is getting ready to get hit by Hurricane Gonzalo, which is expected to have winds up to 145 miles per hour.

By Catholic Online (NEWS CONSORTIUM)

Bermuda is set to be hit by a strong storm on October 17, Hurricane Gonzalo, one of the most powerful on record to hit the island. LOS ANGELES, CA (Catholic Online) - Schools on the island were closed on October 16, and many residents boarded up the windows of their ... continue reading


Sex trafficking ring that used teenaged girls, boys busted in Colombia Watch

Image of Working out of clandestine sites and massage parlors, the ring frequently used taxi drivers to bring in foreign clients looking for underage sex.

By Catholic Online - (NEWS CONSORTIUM)

After a lengthy investigation, a joint operation between the United States and Colombia successfully led to 11 arrests across the South American nation in a large sex trafficking ring. The ring used teenaged girls and boys, one victim as young as 11 and kept ... continue reading


Dreaded Juarez drug cartel leader arrested without a shot being fired Watch

Image of Carrillo Fuentes faces a number of charges in the United States. Drug trafficking, conspiracy, money laundering, tampering with a witness and

By Catholic Online (NEWS CONSORTIUM)

Feared and respected, Juarez drug cartel boss Vicente Carrillo Fuentes aided Ciudad Juarez' reputation as one of the most dangerous regions on Earth. Fuentes has now been captured and arrested without a shot being fired. LOS ANGELES, CA (Catholic Online) - The ... continue reading


Man finds kidnapped daughter, missing for 12 years! Watch

Image of Sabrina Allen, seen here in a picture from 2002, was taken by her mother to Mexico for 12 years. She will be reunited with her father who has labored to find her for more than a decade.

By Catholic Online (NEWS CONSORTIUM)

Sabrina Allen, the girl was kidnapped by her mother 12 years ago and taken into Mexico from Texas, is set to be reunited with her father who last saw her when she was five years old. LOS ANGELES, CA (Catholic Online) - Mexican and U.S. authorities arrested Dara ... continue reading


As Ecuador plans to drill in the Amazon, natives know their time is up Watch

Image of Oil drilling in the Amazon rainforest has caused great destruction of the once fertile and incredibly diverse ecosystem there.

By Catholic Online (NEWS CONSORTIUM)

Ecuador's Yasuni National Park is considered one of the world's most bio-diverse regions. This unique place is inhabited by more than 20 different endangered mammals, and just 2 ½ acres of this patch of Amazon rainforest contains more than 100,000 species of ... continue reading


33 million crimes per year! Despite crackdown on crime, Mexicans still doubt ability of law enforcement Watch

Image of Despite increased effort to stop crime, most Mexicans revealed they don't report crimes that affect them because they have little faith in the abilities of police or law enforcement to do anything about it.

By Catholic Online (NEWS CONSORTIUM)

A new survey from the national statistics institute (INEGI) revealed that despite claims from the Mexican government that their country is becoming safer, there were a record number of crime victims in that country last year. LOS ANGELES, CA (Catholic Online) - ... continue reading


Eight Mexican soldiers held in shooting deaths of 22 drug gang members Watch

Image of The shooting started after soldiers came under fire from the suspected gang members, resulting in a gunfight lasting several minutes, the government said.

By Catholic Online (NEWS CONSORTIUM)

An army officer and seven soldiers have been detained in connection with the deaths of 22 gang members in the town of Tlatlaya, in rural southern Mexico. While originally described "as a fierce gun battle," the physical evidence at the scene suggests that the ... continue reading


Paraguayan bishop accused of protecting sexually abusive priest removed by Pope Francis Watch

Image of Pope Francis dismissed a Paraguayan bishop accused of protecting a priest suspected of sexually abusing young people this week. Bishop Rogelio Ricardo Livieres Plano of Ciudad del Este has been relieved of his duties.

By Catholic Online (NEWS CONSORTIUM)

Pope Francis dismissed a Paraguayan bishop accused of protecting a priest suspected of sexually abusing young people this week. Bishop Rogelio Ricardo Livieres Plano of Ciudad del Este has been relieved of his duties. The Vatican said Pope Francis had taken the ... continue reading


Was it really a meteorite? NASA scientists remain skeptical about Nicaraguan crater Watch

Image of A meteorite from a passing asteroid may have caused a crater in Nicaragua on the evening of September 6.

By Catholic Online (NEWS CONSORTIUM)

A meteorite crashed in Managua, Nicaragua, late on the evening of September 6, causing a loud explosion and leaving a crater 39 feet across, Nicaraguan government officials reported. LOS ANGELES, CA (Catholic Online) - Nicaraguan spokeswoman Rosario Murillo said ... continue reading


These 14th century artifacts are headed back to their proper home Watch

Image of 14th century artifacts from Colombia being displayed in a Spanish museum.

By Catholic Online (NEWS CONSORTIUM)

Spain has returned 691 indigenous artifacts to Colombia, which were seized during a police operation 11 years ago LOS ANGELES, CA (Catholic Online) - Most of these ceramic items are of huge cultural and archaeological value, and date to around 1400 BC. They had been ... continue reading


All Americas News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 3:2-12
2 You have surely heard the way in which God ... Read More

Psalm, Isaiah 12:2-3, 4, 5-6
2 Look, he is the God of my salvation: I shall have ... Read More

Gospel, Luke 12:39-48
39 You may be quite sure of this, that if the ... Read More

Saint of the Day

Saint of the Day for October 22nd, 2014 Image

St. Pope John Paul II
October 22: Karol J. Wojtyla, known as John Paul II since his October 1978 ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter