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The region drove an accelerated growth in the sending of remittances at a global level, followed by the Middle East and North Africa, while Mexico rebounded in the countries that receive the most money from abroad in world remittances.
Dependence on remittances increased. The latest World Bank report reflected an increase in global remittances of 7.3% for 2021, reaching some 589,000 million dollars, motivated by growth in Latin America and the Caribbean of 21.6%.
In the list of the five economies that receive the most remittances in the world is Mexico, the Philippines, Egypt, India and China. Only Latin America registered a new high of 126,000 million dollars in 2021, according to the data on migration and development from the World Bank.
“Migrant remittance flows have largely complemented government cash transfers in support of families who suffered hardships during the crisis,” said Michal Rutkowski, global director of the Department of Labor and Social Protection Global Practices of the World Bank.
In 2020, the decline in remittances due to the pandemic was 1.7%, but the scenario now is one of recovery. The official recommended that “facilitating these shipments to provide relief from household budget difficulties should be a key component of government policies.”
Behind the growth of remittances in Latin America are the Middle East and North Africa, which increased 9.7% compared to 2020. While South Asia, 8% and Sub-Saharan Africa, 6.2%. Europe and Central Asia showed a growth of 5.3%. In East Asia and the Pacific, remittances fell by around 4%, excluding China, which registered an increase of 1.4%, according to the agency.
The largest remittance senders in the world include the United States, the United Arab Emirates, Saudi Arabia and Switzerland. At the global level, the report expects growth of 2.6% in 2022, and 4.4% for Latin America, caused by the poor growth prospects in the United States, which is the country from which most remittances are sent to countries. region of.
Mexico, the main recipient of remittances in Latin America, represented 42% of total remittances with 52.7 billion dollars. According to the World Bank, in addition to the pandemic, Hurricanes Grace and Ida motivated the sending of cash to Mexico and Central America, as well as a significant growth of migrants seeking to reach the north in search of work.
With AP
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