A study carried out by the World Bank (WB) group has revealed that the remittance inflow will be heavily dented globally due to COVID-19.
The report stated that the remittance inflow will decrease by 20 per cent as the migrants all over the world are affected from the pandemic and lockdown.
As the countries of work destinations are grappling with the COVID-19, unemployment has gone up and entire economic activities were closed, severely affecting the employment generating countries and companies, the report released on Wednesday stated.
Likewise, the situation will abet poverty while the countries with low and middle incomes will have to bear heavy dent, according to the report. The WB report also cautioned that the life will be harsher for livelihood and food crisis severe. The report forecasted that remittance inflow will decrease by 22.1 per cent in the South Asian countries.