The World Bank predicts the greatest drop in remittances in recent history, with low-income developing countries set to receive US$110 billion less, due to COVID-19 in 2020.
Remittances, which are the cash flows sent home by migrant workers to help their families, are a huge source of finance for low- and-middle-income countries. Last year, these countries received 78% of the US$714 billion that were sent around the world. Global remittance flows were five times higher than official development assistance in...