Remittances likely to plunge 20 % amid Covid-19 pandemic : World Bank

The World Bank today said, the remittances are expected to plunge by about 20 percent globally this year due to Covid-19 pandemic.

In its report, the Bank said 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. It said, developing countries are losing a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, sharply reducing payments from workers living abroad.

The report mentioned that  total remittances, which comprise up to one-third of the economies of some poor countries, are expected to fall to 445 billion dollar from 554 billion dollar in 2019.