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WASHINGTON: As a result of the deadly coronavirus pandemic, which has resulted in a global recession, remittances to India are likely to drop 23 percent from $ 83 billion last year to $ 64 billion this year, he said. the World Bank.
“In India, remittances are projected to fall approximately 23 percent in 2020, to $ 64 billion, a striking contrast to growth of 5.5 percent and revenue of $ 83 billion in 2019,” said the Bank. Global in a report on the impact of COVID-19 on migration and remittances released on Wednesday.
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Global remittances are projected to decline sharply by about 20 percent this year due to the pandemic-induced economic crisis and the closure of COVID-19.
The projected decline, which would be the largest decline in recent history, is largely due to a drop in wages and employment for migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis. in a host country, the bank said.
“Remittances are a vital source of income for developing countries. The ongoing economic recession caused by COVID-19 is severely affecting the ability to send money home and makes it even more vital that we shorten recovery time for advanced economies, “said World Bank Group President David Malpass. .
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“Remittances help families pay for food, health care, and basic needs. As the World Bank Group implements rapid and comprehensive actions to support countries, we are working to keep remittance channels open and safeguard the access of the poorest communities to these most basic needs, “he added.
Remittance flows are expected to decline across all World Bank Group regions, especially Europe and Central Asia (27.5 percent), followed by Sub-Saharan Africa (23.1 percent), South Asia (22.1 percent), Middle East and North Africa (19.6 percent), Latin America and the Caribbean (19.3 percent), and East Asia and the Pacific (13 percent).
In Pakistan, the projected decline is also around 23 percent, totaling about $ 17 billion, compared to a total of $ 22.5 billion last year, when remittances grew 6.2 percent.
In Bangladesh, remittances are projected at $ 14 billion this year, a likely drop of around 22 percent.
Remittances to Nepal and Sri Lanka are expected to decrease by 14% and 19%, respectively, this year.
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“In India, remittances are projected to fall approximately 23 percent in 2020, to $ 64 billion, a striking contrast to growth of 5.5 percent and revenue of $ 83 billion in 2019,” said the Bank. Global in a report on the impact of COVID-19 on migration and remittances released on Wednesday.
Coronavirus outbreak – live updates
Global remittances are projected to decline sharply by about 20 percent this year due to the pandemic-induced economic crisis and the closure of COVID-19.
The projected decline, which would be the largest decline in recent history, is largely due to a drop in wages and employment for migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis. in a host country, the bank said.
“Remittances are a vital source of income for developing countries. The ongoing economic recession caused by COVID-19 is severely affecting the ability to send money home and makes it even more vital that we shorten recovery time for advanced economies, “said World Bank Group President David Malpass. .
More about Covid-19
Coronavirus pandemic: full coverage
21-day closure: what will remain open and what will not
How to quarantine at home
Trust the newspaper for your verified daily news
“Remittances help families pay for food, health care, and basic needs. As the World Bank Group implements rapid and comprehensive actions to support countries, we are working to keep remittance channels open and safeguard the access of the poorest communities to these most basic needs, “he added.
Remittance flows are expected to decline across all World Bank Group regions, especially Europe and Central Asia (27.5 percent), followed by Sub-Saharan Africa (23.1 percent), South Asia (22.1 percent), Middle East and North Africa (19.6 percent), Latin America and the Caribbean (19.3 percent), and East Asia and the Pacific (13 percent).
In Pakistan, the projected decline is also around 23 percent, totaling about $ 17 billion, compared to a total of $ 22.5 billion last year, when remittances grew 6.2 percent.
In Bangladesh, remittances are projected at $ 14 billion this year, a likely drop of around 22 percent.
Remittances to Nepal and Sri Lanka are expected to decrease by 14% and 19%, respectively, this year.
