LOS ANGELES — Remittances to Latin American countries and the Caribbean have surged to historic highs, with Mexico standing out as the highest recipient globally, according to a new report from the World Bank.
Of the cash sent to those countries is coming from immigrants living in the United States, “leaving experts highlighting the impact immigrants bring to the global economy,” Spectrum News 1 said.
According to the report, Latin American and Caribbean countries received upwards of $155 billion during 2023 alone. It’s an increase of almost 10% from the year before. Most of the remittances went to Mexico, followed by El Salvador and Guatemala.
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