Remittances to India likely to decline by 23% due to Covid-19: World Bank2 min read . Updated: 23 Apr 2020, 10:24 AM IST
- Globally remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns
- World Bank Group President David Malpass said remittances are a 'vital source of income' for developing countries
WASHINGTON : Remittances to India are likely to drop by 23 per cent from USD 83 billion last year to USD 64 billion this year due to the coronavirus pandemic, which has resulted in a global recession, the World Bank has said.
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