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Expert Answers Update: remittances to fall 14% amid COVID-19 – Video

As COVID-19 continues to batter economies around the globe, the flow of money from migrant workers in developed countries to friends and family in developing countries is projected to drop by 14 percent by 2021, according to newly released figures from the World Bank.

With fears growing around the globe of a “second wave” of infections and associated economic impacts, a curtailed flow of migrant remittances could significantly impact the education, health, and food security of millions in the developing world.

In a special update for Expert Answers, World Bank Lead Economist for Migration and Remittances Dilip Ratha shares the latest research on what has happened to remittances during the pandemic and what he projects could happen next.

Watch the video below, courtesy of The World Bank Group

Also read: What will the African Remittance Market look like in 2025?

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