Covid-19: Remittances to India to drop by 9% in 2020, says World Bank

The World Bank on Thursday said remittances to India would fall this year by nine per cent to $76 billion due to the ongoing coronavirus pandemic and global economic recession.

India followed by China, Mexico, the Philippines, and Egypt continue to be the top five countries in 2020 to receive foreign remittances, the World Bank said in its latest report.

As the Covid-19 pandemic and economic crisis continues, the amount of money migrant workers send home is projected to decline 14 per cent by 2021 compared to the pre-Covid-19 levels in 2019, according to the latest estimates published in the World Bank's