COVID-19: Global remittances to fall by 14% in 2021 – World Bank

The World Bank has forecast a 14% decrease in global remittance flows in 2021, due to the effect of the COVID-19 pandemic on the global economy.

“As the COVID19 pandemic and economic crisis continue to spread, the amount of cash that migrant staff send home is expected to fall by 14% through 2021 to pre-COVID19 grades in 2019,” the bank said in its most recent newsletter on Migration and Development. .

The bank said sub-Saharan Africa would revel in a 9% drop in remittances in 2020.

The framework read: “Remittances to sub-Saharan Africa are expected to fall by about 9% in 2020 to $44 billion.

“In the region, remittances to Kenya so far have remained positive, flows are likely to decline in 2021. All primary recipient countries will likely revel in a decrease in remittances.

“Since the COVID-19 pandemic affects both the countries of destination and those of origin of sub-Saharan migrants, the decline in remittances is expected to lead to an increase in lack of confidence in food and poverty. “

On costs, the bank said sub-Saharan Africa is the most expensive region to send funds.

He said: “Remittances of $200 in the region averaged 8. 5% in the third quarter of 2020, a slight minimum from 9% a year ago.

“Promoting virtual technology, along with a regulatory environment that promotes the festival in the remittance market and reviewing anti-money laundering/terrorist financing (LBC/FT) regulations, will reduce remittance prices for the region. “

Nigerians in the diaspora have sent an average of $25 billion a year in times.

The bank projected remittances to low- and middle-income countries (PRFI) to fall by 7% to $508 billion in 2020, followed by a 7. 5% decrease to $470 billion in 2021.

“The main points of the fall in remittances are weak economic expansion and degrees of employment in migrant recipient countries, low oil prices, and the depreciation of the currencies of the countries of origin of remittances against the US dollar,” he said.

“The effect of COVID-19 is widespread when viewed through the prism of migration because it affects migrants and their families who depend on remittances,” said Mamta Murthi, Vice President of Human Development and Chairman of the World Bank’s Migration Steering Group. .

He added: “The World Bank will continue to work with partners and countries to maintain the livelihoods of remittances and to help the progress of human capital. “

The bank said the falls in 2020 and 2021 would affect all regions, with the largest expected decline in Europe and Central Asia (up to 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%) Latin America and the Caribbean (0. 2% and 8%).

Vanguard News Nigeria.

 

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