The projected fall, which would be the "sharpest decline" in recent history, is largely due to a fall in the wages and
Remittances to low and middle-income
"Remittances are a vital source of income for developing countries," said World Bank Group President
Malpass said "the ongoing economic recession caused by COVID-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies."
"As the World Bank Group implements fast, broad action to support countries, we are working to keep remittance channels open and safeguard the poorest communities' access to these most basic needs," said the president.
Remittance flows are expected to fall across all World Bank Group regions, most notably in Europe and Central Asia (27.5 per cent), followed by Sub-Saharan Africa (23.1 per cent), South Asia (22.1 per cent), the Middle East and
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