World Bank expects 20% reduction in remittances
In 2020, international money transfers will be reduced by 20% due to the economic crisis and the fight against COVID-19. as expected by the World Bank.
The main reason for the reduction is the closed borders and the reduction of jobs in which migrant workers were employed. People lose their jobs and therefore will not send their relatives about $ 445 billion to their homeland.
This will seriously affect the economies of developing countries, the majority of whose population goes abroad in search of work.