Remittances to LMICs to slip to $978bn in two years

Sub-Saharan Africa

In the two-year period of 2020 and 2021, remittances to low and middle income countries will experience significant decline to the tune of $978 billion. This is according to a new report published in the World Bank’s Migration and Development Brief, which says the amount of money migrant workers send to their home countries could decline by 14 per cent by 2021 compared to the pre-COVID-19 levels in 2019. The World Bank said remittance flows to low and middle-income countries (LMICs) is projected to drop by an initial 7 to $508 billion…

Read more