Global Flows of Family Remittances, Resilience for Families and Economies

In 2021, the world continues to cope with the pandemic and strive for economic recovery. With a 3.7% decline in global income last year, family remittances have proved a lifeline to millions of families.

In 2020, these remittances provided an important sustenance for over 150 million households in the developing world.

In Latin America and the Caribbean (LAC), remittances received by more than 30 million households, amounted to over $114 billion, growing 6% despite the pandemic and the economic recession.

As a result, remittances became an invaluable input for economic stability and an entry point to further financial inclusion and the digital economy.