El Salvador’s crisis in remittances

Remittances to El Salvador, the vast majority coming from the U.S., are collapsing due to the pandemic. In. 2019 the country received $5.6 billion in remittances, more than the country’s annual exports, and equivalent to 20% of GDP. In 2009, remittances dipped about 10% from 2008 due to the recession, but then resumed their annual increases.

April 2020’s remittances were 40% below April 2019.

 

Data from here.

Leave a Reply