Remittances

New York City has attracted immigrants for centuries, and today the West Indies community is the largest immigrant group here. Like many of the immigrants in this city, people of the West Indies have come to find opportunities, jobs, and social mobility. Migration often results in a split between families, so it greatly encourages remittances. Remittances are an extremely important part of West Indies culture, the majority will always strive to send money or barrel shipments home. Today, Brooklyn has become a central hub for barrel shipment and money wiring companies because of its large West Indian population. Remittances have become a significant part of certain Caribbean islands’ economies, and they are heavily relied upon due to inflation, unemployment, and limited resources in the Caribbean. But with great influx of remittances, a new question has arisen: could this aid be hurting the native countries?

 

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