Will overseas Caribbean nationals still be able to send home as much as before?

This, despite projections that overall remittances are likely reach 67 and a half billion this year, compared with 66 and a half billion last year.

Remittances is the money immigrants send back to their native countries.

According to the IDB, the volume of remittances still outstrips all the overseas development aid and foreign direct investment in Latin America and the Caribbean.

Jamaica
In Jamaica, there are already signs that remittances could be falling off.

The country’s postal service is anticipating a loss in revenue as overseas-based nationals are forced to re-order their financial priorities.

The Jamaica post office, which charges as well for processing incoming parcels, is already reporting that it’s seeing a fall-off in the volume and value of these shipments.

Dominica
Dominica-born economist has been highlighting the warning signs for his country.

Dr Thompson Fontaine is an economist with the International Monetary Fund in Washington.

He points to a reduction in remittances as one of the areas Dominican should watch out for.

Dr Fontaine says Caribbean nationals in the US are among those losing their jobs and this would have a almost immediate impact on how much they can afford to send home.

He also cautions that Dominica, and other Caribbean countries are likely to get fewer US tourists and investments.

US

In the US, where the crisis has hit hardest, BBC Caribbean has been speaking to Caribbean-Americans about how it could affect how much they send back home.

What they've been saying

BBC Caribbean also contaced several experts to get their perspectives on the implications for the region.

Some bankers are suggesting that the region's conservative approach to banking and a dependence on good lending practices will help minimise any fallout from the current upheaval in the global economy.
One of those sharing that view is Trinidadian Robert LeHunte, Managing Director of the Barbados National Bank and vice-president of the Bankers Association of Barbados.

Listen to interview with Robert LeHunte

Ronald Ramkissoon is Senior Economist at Trinidad and Tobago's Republic Bank.

Listen to interview with Ronald Ramkissoon

James Smith is a former Bahamas Central Bank governor who still works in the country's financial sector.

Listen to interview with James Smith

Barbados-born Hal Austin is Senior Editor with the highly respected Financial Times in London.

Listen to interview with Hal Austin