Thursday, December 19

Global Remittances could fall $109 billion in 2020 because of COVID-19

As per the latest report by the World Bank, due to Covid-19, the Global Remittances could fall by $109bn in 2020. The total value of remittances reached $714 billion in 2019.

At least 60 low- and middle-income country’s GDP depend on remittances that are the most affected now.

Tajikistan and Bermuda, for example, both depend on remittances for more than 30% of GDP. Other heavily-dependent countries include Nepal and Haiti. And the countries which rely on remittances the most often have economies which are already fragile.

According to the International Monetary Fund (IMF), this money often helps even out trade deficits and provides a key source of tax revenue particularly in terms of indirect taxes like value-added tax and sales tax.

Remittances to Asia and the Pacific, which amounted to $315 billion in 2019 could slump by $54.3 billion.

The report said these impacts are likely to be magnified by two factors, first, the pattern the Coronavirus has taken; second, the intimate relationship between economies hosting migrant workers and their home countries.

So far, the UK and Swiss governments have led a call for lower transfer fees, and economists and campaigners are calling for more support for migrant workers. But the damage may be unavoidable.

онлайн займ 100000 на картузайм онлайн без проверки киденьги в долг займ займ в вебманибыстрый займ омскпай пасс займ