The Canada-Caribbean Remittance Corridor: Fostering Formal Remittances to Haiti and Jamaica Through Effective Regulation

The Canada-Caribbean Remittance Corridor: Fostering Formal Remittances to Haiti and Jamaica Through Effective Regulation

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Several economies in the Caribbean region, especially from the lower-income group, are highly dependent on remittances. Between 1991 and 2006, the combined flows of total remittances reaching the Caribbean have averaged almost 17 percent annual growth, surpassing US$6 billion in 2005 and overtaking the region's total ODA and FDI inflows. In addition, remittances represent more than 20 percent of the domestic gross domestic product (GDP) in some Caribbean countries and have played a significant role in lessening both balance of payment deficits and the impact of natural disasters to which the r...