Wednesday, February 8, 2023

World Bank: Growth in remittances to Latin America in 2022

MIAMI ( Associated Press) – Remittances to Latin America and the Caribbean totaled $142 billion in the first nine months of 2022, up 9.3% from the same period a year earlier, the World Bank said Wednesday.

The largest increase was recorded in remittances sent to Nicaragua, which increased by 45%, followed by Guatemala by 20%; Mexico, 15%, and Colombia, 9%, indicated the World Bank in its recent review on migration and development.

Remittances represent an additional source of income for low- and middle-income families, as they contribute to reducing poverty, improving nutrition and school enrollment, among other things. Remittance growth to Latin America was higher than that recorded in low- and middle-income countries worldwide, which increased by 5% to reach $626,000 million.

Economies around the world were hit hard by the coronavirus pandemic, but reopening in 2022 has deepened and contributed to migrants’ employment and their ability to help their families abroad with resources.

“Inclusive social protection policies have helped workers address the income and employment uncertainties created by the COVID-19 pandemic,” said Michal Rutkowski, Global Director of the World Bank’s Social Protection and Labor Global Practice.

However, the World Bank predicts that remittances to the region are likely to grow more moderately in 2023, at around 4.3%, due to less favorable economic prospects in the United States, Italy and Spain, the main countries from where migrants often send their money. Let’s send Latin American relatives.

According to the report, the cost of sending $200 to the region also increased by an average of 6% in the second quarter of 2022, compared to 5.6% in the same period in 2021.

Compared to other regions, remittance growth was second most pronounced in Latin America and the Caribbean. Europe and Central Asia topped the list, growing 10.3% to $72 billion. In the sub-Saharan Africa region, remittances increased by 5.2% to 53 billion; Growth in South Asia was 3.5% to $163,000 million, and growth in the Middle East and North Africa was 2.5% to $63,000 million. East Asia and the Pacific was the region with the lowest growth, with 0.7%, to $134,000 million.

Nation World News Desk
Nation World News Desk
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