U.S. Economic Challenges Placing High Burdens On Caribbean Remittances To Relatives...

U.S. Economic Challenges Placing High Burdens On Caribbean Remittances To
Relatives Back Home
Plight of American Immigrant Creating Strongest July for Map Financial Group,
One of the Leading Microlenders



NEW YORK, Sept. 1 /PRNewswire/ -- Continued declines in the U.S. economy
through July have severely impacted remittances and have had profound rippled
effects on the economies of Caribbean countries, according to new research
coming from Map Financial Group, a leading microfinance lender in the region.

Facing hardship in the United States, American relatives have dropped
remittances by an estimated 9% on an annualized rate to their families
residing on the Caribbean islands, according to Map. The double-digit drop,
more than the 7.3% global decline estimated by the World Bank, has had a more
dramatic impact in the Caribbean, an area already reeling from declining
tourism and commodity prices and counting on remittances as a top five source
of income. Read more