Global remittances are projected to decline by about 20 percent in 2020. According to the World Bank Group President David Malpass:
“Remittances are a vital source of income for developing countries. 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. Remittances help families afford food, healthcare, and basic needs.”
