The World Bank has expressed fears of a historic decline in remittances.
According to the local news, the World Bank has expressed fears of a historic decline in remittances from overseas. According to the World Bank, falling crude oil prices will create problems for remittance-dependent countries. Global remittances will fall by 445 billion dollars in value, while global remittances will fall by 19.7%.
According to the World Bank, the Corona epidemic will affect remittances from the United States, the United Kingdom, Europe, and the Gulf states. Remittances from South Asian countries are expected to fall by 22% as well, after which remittances from South Asian workers are expected to reach $109 billion in 2020.
The World Bank says remittances are a lifeline for developing countries, with laws that would increase the cost of remittance services to Pakistan and Afghanistan, and anti-money laundering and anti-money laundering laws. Concerns have also increased. It should be noted that in 2019, remittances from South Asian countries had increased by 6%. The severe decline is coming ahead due to the Coronavirus pandemic along with other economic factors.