With US$4,241 million at the end of 2023 (1.6% of its GDP), Peru would become the fourth country that would receive the most remittances from migrants in South America, and the ninth if we count the entire Latin American region and the Caribbean, according to a recent study by the Inter-American Development Bank (IDB).
According to figures from the Central Reserve Bank (BCRP), only in the second quarter of 2023, remittances to our country increased 19.2% compared to the same period last year. It should be noted that, in 2022, The total record of remittances to Peru was US$3,866 million.
In this regard, the Department of Economic Studies of Scotiabank indicates that the increase is due to the greater number of workers Peruvians abroad – since 2021, around 400,000 Peruvians have migrated – and the improvement of the labor market in the United States, the main country from which these remittances came.
Indeed, the IDB indicates that 56.5% of remittances to Peru in the first six months of 2023 came from the North American nation, followed by Argentina (13.2%), Chile (11.3%), Spain (12.3%), Italy (4.2%), and other countries (2.6%).
America: family ties
The outlook is encouraging not only for Peru, but for the rest of the region, for which the organization projects a record of US$155 billion in 2023, an increase of 9.5% compared to the US$142 billion received in 2022. .
Remittances to countries in the region have shown a sustained development of around 10% annually during the last decade. In 2023, progress reflects shipments to Central America (13.2%), Mexico (9.8%) and South America (7.9%).
It should be noted that, compared to other Latin American countries, Peru registered one of the lowest remittance income in 2022 (1.5%) compared to its GDP, according to the World Bank.
“The remittances received by migrant families are an essential contribution to their subsistence and in many cases constitute an important factor for the family cohesion“, rescues the IDB report.
Source: Larepublica
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