Foreign-born workers sent more than $500 billion back to their home countries in the developing world last year, as the economic recovery and generous government programs in areas such as the U.S. helped sustain a critical lifeline forAccording to fresh data from the World Bank, global remittances to low- and middle-income economies fell just 1.
The U.S. was the largest source country for migrant remittances in 2020, at $68 billion, according to the World Bank. Most of that amount went to low- and middle-income countries,Early in the pandemic, the bank expected 2020 remittances to decline by 20%; it later adjusted the forecast to a 14% drop in October.
The World Bank estimates global remittances to lower-income nations to reach $553 billion in 2021, a 2.6% increase from 2020.
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