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Latin America remittances fall may wait until 2021

Friday, December 4, 2020

Significance

Money transfers to the top recipient country, Mexico, have thus far held up particularly well, with full-year totals set to exceed last year.

Impacts

  • The pandemic’s impact on tourism will increase poverty but also hit jobs in tourism-dependent host countries such as Spain and Italy.
  • Increased return migration would put pressure on countries already struggling with the pandemic’s economic and social fallout.
  • Crisis-related job losses could push many migrants into poverty if they lack access to government support programmes.
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