In its Migration and Development Briefing Note, the World Bank estimated that remittances from migrant workers to their countries of origin are expected to decline by 14 per cent by 2021 from pre-pandemic levels in 2019.
Remittances to low- and middle-income countries are expected to decline to $508 billion in 2020, down 7 per cent, before a further collapse in 2021, to $470 billion, down 7.5 per cent.
According to the briefing note, this decline is caused by sluggish economic growth, inadequate employment levels in the host countries of migrants, the weakness of oil prices and the depreciation of the currencies of the countries of origin of the money transfers against the dollar.
Following the lifting of the closure measures applied in several countries, All regions of the world are experiencing returns to the countries of origin of migrants, which may further increase unemployment rates, especially with the tightening of entry visa restrictions for migrants and refugees.
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