Doing the Math: Remittances in the Southern Cone

The Inter-American Development Bank (IADB) released information today about remittances to Latin America for 2007. Aside from a slowing growth trend (for the first time in 7 years, the growth over last year was less than 10%), the $66.5 billion sent to Latin America in 2007 reveals other interesting dynamics:

Argentina (population 36 million) received $920 million.
Chile (population 13 million) received $850 million.
Uruguay (population 3.4 million) received $125 million.

Paraguay (population 5.8 million) received $700 million.

Which is to say that Paraguay receives almost the same amount of remittances as do countries two and six times its size. A lot of these migrants are in Argentina and Spain, scraping by on very low paying jobs.

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