These are the countries that received the most remittances in 2021

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(CNN Spanish) --

Remittances, which in a nutshell are money sent by fellow citizens from a foreign country to their country of origin, represented a great boost for the world economy in 2021, as they experienced an increase that they had not seen in 2020 due to the effects of the first year of the pandemic.

While in 2020 they totaled US$719 billion worldwide, remittances amounted to US$773 billion in 2021, according to estimates by the Global Knowledge Partnership on Migration and Development (KNOMAD) and the World Bank in the Migration and Development Report number 36, which was published this May.

Therefore, the increase in remittances in the world from 2020 to 2021 was 7.6%;

in comparison, for the 2019-2020 period, the increase in this same item was just 0.6%.

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In each edition, the report by KNOMAD and the World Bank focuses more on remittances to low- and middle-income countries, since they are the ones that receive them in greater quantity.

Of the $773 billion that was estimated worldwide in 2021, $605 billion was sent to low- and middle-income nations (that is, almost 80% of the total).

In this context, KNOMAD and the World Bank announced the 10 countries in this sector that received the most remittances in 2021, with Mexico in the top 3 (as in 2020).

We present them below.

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As mentioned, remittances in 2021 to low- and middle-income countries were US$605 billion, an increase of 8.6% over the remittances received by those nations in 2020, the report says.

It also adds that some reasons that can explain this increase in low- and middle-income countries were:

• "Migrants who wanted to send money to help their families who were going through difficulties in their country."

• "Their ability to send remittances was helped, in turn, by strong economic activity and employment levels in many large destination economies that implemented fiscal stimulus programs."

As for Latin America and the Caribbean, KNOMAD and the World Bank indicate that remittances to that region went from US$104 billion in 2020 to US$131 billion in 2021, an increase of 26% in that period.

Below, we present the 10 countries in Latin America and the Caribbean that received the most remittances.

remittances