Economic migrants from Latin America and the Caribbean sent home $45.8bn last year, 20 per cent more than in 2003, according to a report to be published this week. Of the total, at least $8bn (€6bn, £4.7bn) boosts savings or investment, contributing significantly to the region's long-term economic prospects.

So-called remittances have increased spectacularly since the financial crisis of the late 1990s, as a result of heavy emigration mainly to the US, Europe and Asia. An estimated 25m Latin Americans are living and working outside their countries of origin. In addition, reporting techniques by central banks and other agencies have improved, says the report by the Inter-American Development Bank's multilateral investment fund.