World Bank predicts “sharpest decline” of remittances due to COVID-19

Global remittances are projected to decline by about 20 percent this year due to the COVID-19-induced economic crisis, the World Bank Group (WBG) said.

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, the WBG said in a statement on Wednesday, reported Xinhua news agency.

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