Economy & Business - December 2021

MEXICO: Remittances reach record levels

A report published on 17 November by the World Bank (WB) and the Global Knowledge Partnership on Migration and Development (KNOMAD) highlights that growth in remittance flows in 2021 has been exceptionally strong in Latin America and Caribbean. Remittances towards the region are likely to reach a new high of some US$125bn, up 21.6% on 2020. Within the region, Mexico has been the main recipient – accounting for 42% of the total, which is projected to add up to US$52.7bn by end 2021, due to extraordinary 25% growth rate in the first nine months of 2021, US$7.3bn more than compared to the same period of 2020. Mexico was the third main remittance recipient globally after India and China this year.

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