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Remittances to India likely to decline by 23% in 2020 due to COVID-19: World Bank

"In India, remittances are projected to fall by about 23 percent in 2020, to USD 64 billion – a striking contrast with the growth of 5.5 percent and receipts of USD 83 billion seen in 2019,” the World Bank said in a report on impact of COVID-19 on migration and remittances released on Wednesday.

April 29, 2020 / 05:47 PM IST

As a result of the deadly coronavirus pandemic, which has resulted in a global recession, remittances to India are likely to drop by 23 percent from USD 83 billion last year to USD 64 billion this year, the World Bank has said.

"In India, remittances are projected to fall by about 23 percent in 2020, to USD 64 billion – a striking contrast with the growth of 5.5 percent and receipts of USD 83 billion seen in 2019,” the World Bank said in a report on impact of COVID-19 on migration and remittances released on Wednesday.

Globally remittances are projected to decline sharply by about 20 percent this year due to the economic crisis induced by the COVID-19 pandemic and shutdown.

The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country, the bank said.