A remittances crisis facing South Asia
The loss of income due to covid threatens to send remittances down to their worst level ever. This could seriously harm the families of workers, particularly in South Asia, who rely on these economic lifelines, as also their economies. Here are four measures to prevent this.
Remittances serve as lifelines between migrant workers and their families back home, especially during a crisis. These money transfers provide efficient and effective safety nets to people living in the margins of economies. Unfortunately, as a result of disruptions caused by covid-19, the World Bank predicts that remittance flows will face their sharpest decline in history, falling by an expected 20% in 2020 to $445 billion.