WASHINGTON, United States (AFP) — Developing countries are losing a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, sharply reducing payments from workers living abroad, the World Bank said Wednesday.
Remittances are expected to plunge by about 20 per cent globally this year, the biggest decline in recent history, as closures cause a global recession and job losses that prevent workers from sending money to their families back home, the World Bank said in a report.
“Remittances are a vital source of income for developing countries,” World Bank Group President David Malpass said in a statement. “The ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies.”
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