• 3Sports
  • Home
  • MG Radio
3news
Advertisement
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
3news
No Result
View All Result
Home Business

World Bank predicts remittances to decline 14% by the end of 2021

December 30, 2020

The World Bank has projected that remittances – the money that migrants send to their home countries – will decline by 14 per cent at the end of 2021 following the coronavirus pandemic.

The Bretton Woods institution noted that over previous decades, remittances have played an increasingly important role in alleviating poverty and sustaining growth.

Just last year, the global financial institution said, these flows were on par with foreign direct investment and official development assistance (government-to-government aid).

“But COVID-19 has spurred a dramatic reversal, with our latest forecasts finding that remittances will decline 14% by the end of 2021 – a slightly improved outlook compared with the earliest estimates during the pandemic, that should not belie the fact that these are historic declines. All regions can expect a drop, with Europe and Central Asia seeing the steepest fall.

RelatedPosts

Pandemic to push over 115 million people into extreme poverty – World Bank

December 26, 2020

Remove gender biases in learning materials – World Bank Report

December 22, 2020

World Bank approves $60 million for Africa’s agric sector

December 14, 2020

“Associated with these declines, the number of international migrants is likely to fall in 2020 – for the first time in modern history – as new migration has slowed and return migration has increased.

“These drops are cutting off a lifeline for many poor families in developing countries. Migrants’ remittances are crucial to households around the world , and as they decline, experts fear that poverty will rise, food insecurity will worsen, and households risk losing the means to afford services like healthcare.

“The pandemic slowdown has deeply impacted businesses and jobs.  Around the world, companies – especially micro, small, and medium enterprises (MSMEs) in the developing world – are under intense strain, with more than half either in arrears or likely to fall into arrears shortly.

“To understand the pressure that COVID-19 is having on firms’ performance as well as the adjustments they are having to make, the World Bank and partners have been conducting rapid COVID-19 Business Pulse Surveys in partnership with client governments.

“These offer a glimmer of good news. Responses collected between May and August showed that many of these firms were retaining staff, hoping to keep them on board as they ride out the downturn. More than a third of companies have increased the use of digital technology to adapt to the crisis.

“The same data warned, however, that the firms’ sales have dropped by half amid the crisis, forcing companies to reduce hours and wages, and most businesses – especially micro and small firms in low-income countries – are struggling to access public support.

“Reduced family incomes – whether due to job loss, a stop in remittance payments, or a multitude of other COVID-19-related factors – will continue to put human capital at risk. With less money, families will be forced to make trade-offs and sacrifices that could harm health and learning outcomes for a generation.”

By Laud Nartey|3news.com}Ghana| with additional files from the World Bank

Previous Post

Oil prices continue climb on large crude draw

Next Post

Three die on the spot as two trailers collide at Osino

Related Posts

Business

Pandemic to push over 115 million people into extreme poverty – World Bank

December 26, 2020
Business

Remove gender biases in learning materials – World Bank Report

December 22, 2020
Business

World Bank approves $60 million for Africa’s agric sector

December 14, 2020
Uncategorized

Ensure macro-economic stability for positive perception – World Bank to Ghana

November 20, 2020
Business

World Bank approves $250m for establishment of Development Bank in Ghana

October 30, 2020
Business

Global economy expected to partly recover in 2021 – World Bank

October 19, 2020
Next Post

Three die on the spot as two trailers collide at Osino

Discussion about this post

Stay Connected

  • 1.7M Fans
  • Trending
  • Comments
  • Latest

COVID-19: Hydrogen peroxide provides immediate protection – Prof Ayettey

January 22, 2021
20-year-old girl murdered at Doryumu

20-year-old girl murdered at Doryumu

January 12, 2021

Election Petition: EC admits possible errors in collation of presidential results

January 11, 2021

NDC heads to Supreme Court over the declaration of NPP & Fomena MP as majority in Parl.

January 18, 2021
Larry King dead: 87-yr-old US talk show legend dies of Coronavirus

Larry King dead: 87-yr-old US talk show legend dies of Coronavirus

January 23, 2021
GPL Wk 10 preview: Strugglers Berekum Chelsea host in form Hearts, Aduana seek first away win against Kotoko

GPL Wk 10 preview: Strugglers Berekum Chelsea host in form Hearts, Aduana seek first away win against Kotoko

January 23, 2021
Muniru Sulley grateful for Kotoko stint, heading back to Europe

Muniru Sulley grateful for Kotoko stint, heading back to Europe

January 23, 2021
COVID-19 figures being underestimated in Ghana – Prof Binka

COVID-19 figures being underestimated in Ghana – Prof Binka

January 23, 2021

Recent News

Larry King dead: 87-yr-old US talk show legend dies of Coronavirus

Larry King dead: 87-yr-old US talk show legend dies of Coronavirus

January 23, 2021
GPL Wk 10 preview: Strugglers Berekum Chelsea host in form Hearts, Aduana seek first away win against Kotoko

GPL Wk 10 preview: Strugglers Berekum Chelsea host in form Hearts, Aduana seek first away win against Kotoko

January 23, 2021
Muniru Sulley grateful for Kotoko stint, heading back to Europe

Muniru Sulley grateful for Kotoko stint, heading back to Europe

January 23, 2021
COVID-19 figures being underestimated in Ghana – Prof Binka

COVID-19 figures being underestimated in Ghana – Prof Binka

January 23, 2021
3news

3news.com is the fastest growing news portal in Ghana. Get all breaking news updates, latest news headlines, local and world stories, showbiz, lifestyle etc.

Follow Us

Browse by Category

Recent News

Larry King dead: 87-yr-old US talk show legend dies of Coronavirus

Larry King dead: 87-yr-old US talk show legend dies of Coronavirus

January 23, 2021
GPL Wk 10 preview: Strugglers Berekum Chelsea host in form Hearts, Aduana seek first away win against Kotoko

GPL Wk 10 preview: Strugglers Berekum Chelsea host in form Hearts, Aduana seek first away win against Kotoko

January 23, 2021
  • 3Sports
  • Home
  • MG Radio

© 2021 Media General - Developed and managed by MG Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus

© 2021 Media General - Developed and managed by MG Digital.