World Bank sees record 20% slump in remittances due to virus

World Bank sees record 20% slump in remittances due to virus

The US has long been the top source for outflows, with other major countries including the United Arab Emirates, Saudi Arabia, Switzerland, Germany and Russia. Global remittance flows will tumble 20 per cent this year as the coronavirus pandemic drags the economy through a recession, deepening hardship for families in poor and developing nations, according to the World Bank.. While workers typically send more money back home in times of crisis, Covid-19's universality is poised to upend that model as advanced economies also suffer, the World Bank said..