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When international migrants send home part of their earnings in the form of cash or goods to support their families, these transfers are known as migrant remittances.

Remittances are an important source of external finance for low and middle-income countries (LMICs). In 2021, LMICs saw a gain of 8.6% in the inflow of remittances, and the value reached $605 billion. The overall global remittance is estimated to be $773 billion (2021).

India was at the top of the list with $89.4 billion in remittance inflows, with a YoY growth of 8% in 2021. Mexico was at the second spot with inflows of $54 billion, followed by China at $53 billion.

In the recession year 2020, remittances proved to be an important source of international financing for developing countries, as overall FDIs dropped 12% due to the pandemic.

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