EVEN though the World Bank predicted global remittances would fall by 22 per cent, with the Latin America and Caribbean region expected to record a 19.3 per cent drop, Jamaica has defied this fate as remittance inflows grew by 25 per cent to US $1.53 billion ($221.1 billion) and net remittances went up by 30 per cent to US $1.41 billion from April to September 2020.
With the tourism industry taking a $76-billion hit during 2020 and economic growth contracting by double digits, there was an extremely high level of uncertainty as to how Jamaica would have navigated the COVID-19-induced shock which severely impacted the economy.
However, remittances from the Diaspora and across the world helped cushion some of the impact which would have been felt by the population.
General manager of JN Money Services Limited (JNMS), Horace Hines detailed his company’s role, at a recent Jamaica Observer Business Forum, in the tireless work it took to get the major trade centres to designate remittances as an essential service. This included working with several international experts and lobbying to ensure that the service could still operate under the lockdown conditions.
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