The US election is important for the Latin American economy, according to a credit rating agency

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According to Fitch Ratings, the economies of Central America are highly reliant on remittances from the US, which leaves them susceptible to shifts in US immigration laws.

Remittances make up more than 30% of GDP in El Salvador and Nicaragua, and they are also a significant recipient in Mexico, where inflows have increased from 2% to 3.5% of GDP over the last ten years.

Over the last five years, remittances to Nicaragua have increased thrice, whereas those to Jamaica and El Salvador have decreased.

According to a research using data from the United States, remittances sent overseas increase by 0.2-0.3% for every 1% increase in household income.

With Kamala Harris's government seeking to overhaul the asylum system and Donald Trump's campaign calling for border restrictions and more deportations, the next U.S. elections may result in changes to immigration laws.

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