Skip to content
Subscriber Only

Global Remittances to Set Record in 2021 With Latin America Jump

  • Cash transfers to region seen rising more than 20% this year
  • Migrants getting money are significant factor, World Bank says

The money that foreigners globally send to their home countries is set to reach a record this year, fueled by transfers to Latin America and migrants headed for the U.S., according to forecasts from the World Bank.

Remittances to low- and middle-income countries are projected to grow 7.3% this year from 2020, the Washington-based development lender said in a report Wednesday. Transfers to Latin America and the Caribbean are forecast to have soared 21.6%, spurred by factors including concern about Covid-19, hurricanes, improvement in the American economy and a jump in the number of migrants traveling to the U.S.