Global remittances to decrease by 14% in 2021 ― World Bank


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By Emma Ujah – Abuja

The World Bank has predicted a 14 per cent fall in global remittance flows in 2021, due to the impact of the COVID-19 pandemic on global economy.

“As the COVID19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14% by 2021 compared to the pre COVID19 levels in 2019,” the bank said in its latest Migration and Development Brief.

The bank said that Sub-Saharan Africa would suffer a 9 per cent decrease in remittance flows in 2020.

The world body said, “Remittances to Sub-Saharan Africa are expected to decline by around 9 per cent in 2020 to $44 billion.

“Within the region, remittances to Kenya have so far stayed positive, though flows are likely to eventually decline in 2021. All major remittance-receiving countries will likely see a decline of remittances.

“As the COVID-19 pandemic affects both destination and origin countries of Sub-Saharan migrants, the fall in remittances is…

Source: Vanguard Newspaper