Global Remittance Flows to Shrink 14 percent by 2021 - WB

As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers sends home is projected to decline 14% by 2021 compared to the pre-COVID-19 levels in 2019, according to the latest estimates published in the World Bank’s Migration and Development Brief. The declines in 2020 and 2021 will affect all regions, with the steepest drop expected in Europe and Central Asia (by 16% and 8%, respectively), followed by East Asia and the Pacific (11% and 4% ), the Middle East and North Africa (8% and 8% ), Sub-Saharan Africa (9% and 6% ), South Asia (4% and 11% ), and Latin America and the Caribbean (0.2% and 8%).