Despite that Dominican Republic was one of the countries which sent the highest number of emigrants abroad in the 2008-2010 period, its remittances fell in 5.1 percent from the effects the global economic crisis, according to a report by several organizations.
The report “International Migration in the Americas,” by the Organization of American Estados (OAS), the Cooperation and Economic Development Organization (OECD) and the Economic Commission for Latin America and the Caribbean (Cepal) found that reduction was lower than the 10.2 percent decline in remittances sent to Latin America and the Caribbean.
The report even notes that in the cases of Mexico and Dominican Republic there was anecdotal evidence of inverse flows from remittances to the United States in 2009, since the emigrants used their savings in their country of origin, on mortgage payments in the United States.
Dominican emigrants to the OECD jumped 28 percent as an annual average in the 2008-2009 period, compared with the 2003-2007 period. On average emigrants increased from 45,460 people to 58,280 annual in that period.
The United States received the most Dominican emigrants as an annual average, with local immigrants increasing from 30,050 to 40,650 in the period, while Spain, where the increase in the number of local immigrants as an annual average went from 12,360 to 14,300 in the period.
The fall in the remittances received by Dominican Republic was lower than the region as a whole, although Dominican emigrants are concentrated in the United States and Spain, two countries hit especially hard by the 2008 financial crisis.
Latin America’s exception was Haiti, a country the World Bank estimates received US$1.5 billion in 2010, 15% more than in the two previous years, resulting from the reaction the earthquake in that country.
Source: Dominican Today
For the best rates on hotels, resorts and holiday accommodation in the Dominican Republic click here
If you found this interesting check out our updates on Facebook and Twitter.