Foreign remittances to sub-Saharan Africa dropped by 12.5% in 2020

Foreign remittances to sub-Saharan Africa dropped by 12.5% in 2020

Global remittances to sub-Saharan Africa slumped by 12.5% to $42 billion in 2020 from $48 billion in 2019 in the wake of the COVID-19 pandemic, a new report by the World Bank and Knomad reveals. The decline has been attributed to movement restrictions introduced in most countries around the world and a rise in unemployment…

Foreign remittances to sub-Saharan Africa dropped by 12.5% in 2020
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Foreign remittances to sub-Saharan Africa dropped by 12.5% in 2020

Global remittances to sub-Saharan Africa slumped by 12.5% to $42 billion in 2020 from $48 billion in 2019 in the wake of the COVID-19 pandemic, a new report by the World Bank and Knomad reveals. The decline has been attributed to movement restrictions introduced in most countries around the world and a rise in unemployment…