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Why are remittances to emerging markets growing?

As emerging markets around the world continue their recovery from Covid-19, remittances are playing a key role in supporting the economic rebound.

In mid-May the World Bank upgraded its forecast for remittances to low- and middle-income countries for 2021, predicting flows of $553bn over the course of the year, reflecting a growth rate of 2.6%.

This is to be led by Latin America and the Caribbean, with a predicted increase of 4.9%, followed by South Asia (3.5%), the Middle East and North Africa (2.6%), sub-Saharan Africa (2.6%), and East Asia and the Pacific (2.1%). Remittances to Europe and Central Asia are projected to fall by 3.2%.

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