Call: +1-972.503.6525 | | Register for Free | Contact | Get Sample Data

Remittances from the African Diaspora Decline

The World Bank expects sub-Saharan Africa to see a significant drop in migrant remittance inflows in 2020, much more than last year’s slight decline of 0.5 percent, due to the coronavirus pandemic. From $48 billion in 2019, remittance flows to the region are forecast to decline by 23.1 percent to reach $37 billion this year, while they are to recover by 4 percent in 2021, the bank said in a forecast. The expected decline is due to factors driven by the virus outbreak. Key economies where a large share of African migrants reside and are major sources of remittances sent to the region have been hit hard by the pandemic. Usually, remittances are counter-cyclical, where workers send more money in times of crisis and hardship back home. This time, however, the pandemic has affected all countries, creating additional uncertainties, the bank explained.

Our Partners

Microsoft
Microsoft Azure
DataCamp
Codesign Technologies, Canada
CodeWizards
Nakiso Borehole Drilling
Finviz Stock Scanner
Stock Charting Platform

Featured Advertisers

Codesign Technologies, Canada Queen Centers For Hope
Ndeipi MuDiaspora Jules Travel and Tours
JB Dondolo, Inc. Chef Gwanz
DataCamp
Nakiso Borehole Driling Finfiz
TradingView Stock Charting Platform