Remittances to low- and middle-income countries are projected to grow 7.3 percent this year from 2020, the World Bank said. 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. But Covid-19 spurred hundreds of thousands of people, primarily from Latin America and the Caribbean, to head north, complicating the efforts of the Biden administration. The adverse effects of Covid-19 on countries and the damage brought by hurricanes Grace and Ida also contributed to an increase in remittance flows to Mexico and Central America, the institution said.

Source: The North Africa Journal November 17, 2021 17:39 UTC