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A study by the World Bank (WB) group revealed that the remittance inflow will be heavily dented globally due to COVID-19. The report stated that the remittance inflow will decrease by 20 per cent as migrants all over the world are affected by the pandemic and lockdown.
As countries of work destinations are grappling with the COVID-19, unemployment has gone up and economic activities were closed, severely affecting the employment-generating countries and companies, the report released on Wednesday stated.
Likewise, the situation will abet poverty while the countries with low and middle incomes will have to bear a heavy dent, according to the report. The WB report also cautioned that the life will be harsher for livelihood and food crisis severe. The report forecasted that remittance inflow will decrease by 22.1 per cent in the South Asian countries.
