The COVID Pandemic’s Sledgehammer Blow to Remittances
Source: Business Line
The fall in remittance flows following the loss of migrant jobs in leading host countries has been among the many adverse effects of the COVID crisis on developing countries. While there have been job losses across the board in regions and countries hosting a large proportion of the world’s migrant workers, job losses for foreign workers have been greater than those for domestic workers in most.
As is to be expected, the countries most affected are the low- and middle-income countries, remittances to which are projected to drop by 7 percent from $548 billion to $508 billion.