Thursday, October 19, 2006

Immigrants Sending $45 Billion Home

Read the full article by Krissah Williams in The Washington Post, October 19, 2006.

Lead: "Immigrant workers are sending more money than ever to their families in Latin America, but two new studies show that only a small portion of the billions of dollars directed there has gone to economic development."

A report released yesterday by the Inter-American Development Bank estimates that immigrants living in the United States will send $45 billion to family members this year, representing a steady increase from about $2 billion in 1980......

World Bank researchers, who will release a report later this month, found that the overall impact of remittances on Latin American economies is modest at best. For every one percent increase in the share of remittances to a country's gross domestic product, the fraction of the population living in poverty is reduced by about 0.4 percent.

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