World Bank predicts sharp decline in remittances as pandemic hits migrants : News Reel: Business Today
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World Bank predicts sharp decline in remittances as pandemic hits migrants

BusinessToday.In | April 23, 2020
Remittances to India are likely to drop by 23 per cent from $83 billion last year to $64 billion this year due to the coronavirus pandemic, which has resulted in a global recession. Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns, according to a World Bank report on the impact of the COVID-19 on migration and remittances released on Wednesday. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country. Watch the video for more.



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