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Amid Global Turmoil, Foreign Workers Send Less Money Home

Bloomberg, Global, 30 September 2020 - With every part of the global economy under stress due to the Covid-19 pandemic, it was expected that overseas workers will send less money home to their families as they lose jobs and income in countries where they work.

In April, the World Bank predicted a sharp 20% decline in global remittances, cautioning that this could impact a “crucial financing lifeline for many vulnerable households.” Since then, early data for remittance flows into emerging economies has shown some conflicting trends. While transfers have fallen, the pace of decline has been less than feared.

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Source: https://www.bloombergquint.com/business/amid-global-turmoil-foreign-workers-send-less-money-home

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