World Bank Warns of Sharp Fall in Remittances

The World Bank projected global remittances to plunge almost 20 percent in 2020 due to issues related to the COVID-19 (coronavirus) pandemic, as it encouraged service providers and authorities to introduce measures to ease use of digital and mobile money platforms.

In a report into the expected impact of the virus on remittances and the communities reliant on these funds, it predicted 2020 would witness the sharpest decline in recent history with $445 billion being sent to low- and middle-income countries, down 19.7 percent on 2019.