The World Bank presented a new report on world remittances. In Latin America, Mexico is the main recipient.
Inhabitants of various countries of the world have remittances as an aid that allows them to survive. Hence the importance of sending money, which also helps the economy of the country to which they arrive.
According to a World Bank projection, this year global remittances will close at 589,000 million dollars, which represents 7.3% more than those of 2020.
In Latin America, the first country that receives the most is Mexico, which would end up with $ 52.7 billion received. It is the third in the world.
“Recovery: The COVID-19 crisis seen from a migration perspective” is the title of a World Bank report that indicates that the Latin American region received the most remittances this year, with 21.6% of the total sent. In addition, in the aforementioned country they rose 25% in the first three quarters compared to the same period last year.
However, it was Guatemala, the Dominican Republic and El Salvador that had a growth of more than 30% at the same time.
Overall, there was a recovery around the world, averaging between 5% and 10% in Europe, Asia and the Middle East. But in East Asia and the Pacific the increase was lower (1.4%).
Among the factors causing the increase in remittances this year are the willingness of migrants to support their relatives who remain in their countries of origin in the midst of one of the biggest global crises due to the pandemic. There are also the stimulus programs (fiscal and for job protection) that were created in the United States and in Europe. Although remittances from Russia are also expected to grow soon as the Eurasian giant’s economy recovers due to higher energy prices.
Outside the Latin American sphere is the country to which the most remittances arrived in total: India. This country reached $ 87,000 million in remittances received.
It is followed by China with $ 53 billion, although the World Bank says the country’s official data is not uniformly reflected.
Then comes Mexico and the fourth is the Philippines, with $ 36.2 billion. The Asian country recovers to a fall from the previous year and it is estimated that it will end the year with a total increase of 3.8% in 2021.
The top 5 is closed by Egypt, with 33.3 billion dollars, which represents an increase of 12.6%.
In sixth to tenth place are Pakistan ($ 33 billion), Bangladesh ($ 23 billion), Vietnam ($ 18.1 billion), Nigeria ($ 18 billion), and Ukraine ($ 16.3 billion). (I)
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