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World Bank says remittances to Caribbean to grow by five per cent

Published:Tuesday | October 7, 2014 | 10:43 PM

The World Bank says remittance by international migrants from the Caribbean and other developing countries is on course for strong growth this year.



The World Bank in its latest publication said remittances to developing countries are expected to reach US$435 billion this year, an increase of five per cent over last year.



The report says remittance flows to the Latin America and the Caribbean region alone are expected to reach US$64 billion.



That would represent an increase by five per cent this year, compared to one per cent last year.



Meanwhile, the World Bank says remittances to developing countries will continue climbing in the medium term, reaching an estimated US$454 billion in 2015.



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