The amount of money migrants send home—a critical source of support for the developing world—is projected to fall by about 20% this year
The money sent by migrant workers to their home countries—a critical source of economic support for the developing world—is projected to fall by about 20% this year because of the economic crisis triggered by the novel coronavirus pandemic, the World Bank says.
Global remittances are expected to fall to $572 billion in 2020, from $714 billion last year, according to the World Bank. Such a decline would reverse strong growth in remittances in recent years as a robust global economy became increasingly reliant on migrant labor.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Drew McIntyre Challenges Seth Rollins at Money in the Bank on 'WWE Monday Night RAW'More Money in the Bank qualifying matches are going down Monday.
Read more »
In Race for Small-Business Loans, Winning Hinged on Where Firms BankThe small businesses that received government aid weren’t always the ones with the greatest needs or the best chances to survive the pandemic.
Read more »
Goldman poaches Bank of America's Fortunati to boost industrials ranks: sourcesGoldman Sachs has snapped up a Bank of America dealmaker to build up its industrials team as it seeks to win more business in one of the sectors hardest-hit by the coronavirus outbreak, three sources told Reuters.
Read more »
Australia central bank sees 'subdued' economic activity through SeptemberAustralia's economy could shrink 'significantly' in the June quarter and remain 'subdued' through September due to the hit from the coronavirus pandemic, minutes of the country's central bank's April 7 policy meeting showed on Tuesday.
Read more »
Treehouse isolation, python masks, farm-to-food bank: News from around our 50 statesAn emergency room doctor in Texas has taken over his kids’ backyard domain as a quarantine hideout, aiming to keep his family safe.
Read more »
India's ICICI Bank confirms exposure to troubled oil trader Hin LeongIndia's second largest private lender ICICI Bank on Tuesday confirmed its exposure to the Singapore-based troubled oil trader Hin Leong Trading Pte Ltd (HLT) and said it is taking steps to protect its interest.
Read more »