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World Bank: Global remittances to drop 20% amid coronavirus

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HAVANA : Remittances sent home by migrants from low- and middle-income countries are expected to drop around 20 percent this year amid the global economic slowdown caused by the novel coronavirus.

the World Bank said Wednesday. Job losses and lost hours and wages are expected to leave migrants in wealthier nations unable to send as much money home to poorer countries already suffering from coronavirus shutdowns, the report says.

The flow of remittances to poorer countries in Europe and Central Asia is expected to drop 27.5%, followed by sub-Saharan Africa with 23.1%, South Asia at 22.1%, the Middle East and North Africa at 19.6%, Latin America and the Caribbean with 19.3% and East Asia and the Pacific with 13%.

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