Defining the News
MANAGUA, Nicaragua—Money sent home by migrants in the United States to Central America has risen to record levels, providing a lifeline for many of their relatives like Salvadoran mother of three Marta Alvarado.
Remittances to the four countries increased from $19.0 billion in 2017 to $41.8 billion in 2023 — a rise that experts attribute to greater migration, in particular to the United States.But according to estimates by international and non-governmental organizations, the figure is around 10 million, or a quarter of the combined population of El Salvador, Guatemala, Honduras and Nicaragua, where most migrants hail from.
They are “and will continue to be a life preserver for the Salvadoran economy for a long time,” economist Carlos Acevedo, a former president of El Salvador’s central bank, said.“If dollars do not enter, the financial system does not work — nothing works in the country. And remittances are one of the main sources of dollar inflows,” Acevedo said.
In contrast, money transfers are less important for countries with little emigration, and represent only around one percent of GDP in Panama and Costa Rica.
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