For all the unabated social and economic pressures impacting job retention and income earnings this year arising primarily out of responses to the coronavirus pandemic, the World Bank is still forecasting a more than meagre increase in remittance flows to Latin America for 2021. On Monday the Bank made public its projection that it expects remittance flows to register a 7.3% growth in 2021 over last year. The increase in remittance flows, the Bank says, will be triggered mostly by transfers to Latin America by migrants in the United States.
According to the World Bank report, remittance transfers to Latin America and the Caribbean are forecast to have increased by 21.6 per cent year-to-date, a circumstance which it says is due primarily to migrants’ concerns about the well-being of dependents in the region arising out of the still rampaging COVID-19 pandemic and the imminent arrival of the hurricane season and its aftermath.
