Remittances Expected to Fall 20% in 2020

The World Bank is estimating that remittances are likely to fall 20% in 2020; for reference, remittances dropped 5% in 2009; the forecast takes into consideration the fall in wages and employment of migrant workers as many work in industries which are reporting significant layoffs; this drop is also expected across all regions of the world, with Central Asia seeing the biggest declines; some remittance services are also currently not available to customers; Quartz shares more on the the remittance market amid the current crisis. Quartz

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