Migration is a global phenomenon with significant social and economic impacts. For many countries in Latin America, it represents a very significant part of their economy. Which country receives the most remittances relative to its GDP?

ANSWER

Honduras. In 2022, the Central American country received US$8,284 million, which represents 27% of its GDP, according to World Bank data. To give you an idea of its importance to Honduras, copper mining accounts for about 12% of Chile’s GDP. 

Behind Honduras are El Salvador, Nicaragua, and Guatemala. In absolute terms, Mexico receives the most remittances: US$60,300, but this figure represents only 4.2% of its GDP. Chile, on the other hand, is the country that receives the least remittances, with less than US$100 million in 2022. And what about other parts of the world? Tonga is the country that receives the most remittances relative to its GDP (50%), followed by Lebanon (38%).