Remittances are expected to plunge by about 20 percent globally this year, the biggest decline in recent history, as closures cause a global recession and job losses that prevent workers from sending money to their families back home, the World Bank said in a report.
Total remittances, which comprise up to one-third of the economies of some poor countries, are expected to fall to $445 billion from $554 billion in 2019, the report said. (AFP) CPSMigrant worker remittances to fall 20% amid virus: World Bank
PTI
Washington, Apr 22 (AFP) Developing countries are losing a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, sharply reducing payments from workers living abroad, the World Bank said Wednesday.
Popular Right Now
Advertisement