Coronavirus: Global remittances to slump by 20% in 2020

Global remittances are projected to decline sharply by about 20 per cent in 2020 due to the economic crisis created by the COVID-19 pandemic

The projected fall, which is expected to 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.report dated April 20 noted that remittances to low and middle-income countries are projected to fall by 19.7 per cent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.

“Remittances help families afford food, healthcare, and basic needs. As the World Bank Group implements fast, broad action to support countries, we are working to keep remittance channels open and safeguard the poorest communities’ access to these most basic needs.” The anticipated decline can be attributed to a combination of factors driven by the coronavirus outbreak in key destinations where African migrants reside including in the EU area, the United States, the Middle East, and China.

The most expensive corridors are observed mainly in the Southern African region, with costs as high as 20 per cent. At the other end of the spectrum, the less expensive corridors had average costs of less than 3.6 per cent.

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