Latin American workers in US suffering most
By Albert Smith | Mon, 07/13/2009 - 22:55
The economy of the US has been suffering at the hands of global recession since 2008 and with it economy are suffering Latin American households as there has been a sharp decline in remittances sent to their homes.
Almost seventy-five percent of the remittances received by households of Latin Americans annually come from the US. According to a recent report by the Latin American Economic System, due to the current global crisis, there will be a fall of almost seven percent in remittances to the region.
World Bank, the Inter-American Development Bank’s Multilateral Investment Fund, and another study on Remittances and Migration also confirmed those figures.
The source said that just forty percent of the unemployed will continue to send money home, whereas only twenty-five percent of those who are still employed will send at least ten percent less than what they earlier used to send.
The community is already suffering as a result of the recession with the sinking of the construction industry and eleven percent unemployment rate among Hispanics.
As per the prediction of the United Nations Economic Commission for Latin America and the International Labor Organization, more than a million working age Latin American might well join the unemployed force by the end of the first quarter of this year.
The ILO as well as the ECLAC pointed that the figures disclose the uncertainty over the future of millions of Latin American and Caribbean workers.
As per the data released by the report, around 2.8 to 3.9 million people may add to the already 15.9 million unemployed populations in urban areas.
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