Amid COVID-19, remittances to some Latin American nations fell sharply in April, then rebounded
El Salvador experienced a 40% drop in remittances in April 2020 compared with April 2019, the largest decline among the six nations analyzed.
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Worldwide, an estimated $625 billion (USD) was sent by migrants to individuals in their home countries in 2017, a 7% increase from 2016, when the amount was $586 billion, according to economists at the World Bank. This increase follows two consecutive years of decline.
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