According to the World Bank's 'Migration and Development Review,' remittances to low- and middle-income countries experienced an 8% uptick in the last year, reaching US$647 billion.Of this, Latin America contributed US$145 billion, signifying a regional growth of 11.3%.Mexico, in particular, witnessed a 12.9% surge to US$61.1 billion in remittances, ranking second globally after India (US$111 billion), and surpassing China (US$51 billion).Dilip Ratha, head of the Global Knowledge Partnership on Migration and Development (KNOMAD), emphasized the crucial role of remittances as financial aid during the pandemic, expecting this .
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