The following is the Report on immigration and remittance in 2021 From World Bank recommended by recordtrend.com. And this article belongs to the classification: global economy , research report.
The latest immigration and remittance briefing released today by the world bank said that despite the presence of COVID-19, remittance flows remained resilient in 2020, less than previously predicted. In 2020, the officially recorded inflow of remittances from low – and middle-income countries reached US $540 billion, only 1.6% lower than the total amount of remittances of US $548 billion in 2019.
The decrease of remittance flow recorded in 2020 is less than the decrease of inflow during the global economic crisis in 2009 (4.8%), and far less than the decrease of foreign direct investment (FDI) inflow in low and middle income countries. Excluding China, the decrease of FDI inflow in 2020 is more than 30%. As a result, the inflow of remittances to low – and middle-income countries in 2020 exceeds the sum of foreign direct investment (US $259 billion) and overseas development assistance (US $179 billion).
The main drivers of stable remittance flows include better than expected economic conditions created by fiscal stimulus in host countries, the shift of remittances from cash to figures and from informal to formal channels, and cyclical fluctuations in oil prices and exchange rates.
The true size of remittances, both formal and informal, is believed to be larger than the officially reported data, but the extent of the impact of the epidemic on informal remittances is unclear.
“As the epidemic continues to affect households around the world, remittances continue to provide an important lifeline for the poor and vulnerable,” the world bank said. Supportive policy responses, along with the national social protection system, should continue to cover all communities, including migrants. “
Remittances from Latin America and the Caribbean, South Asia and central, northeast and Africa increased by 6.5%, 5.2% and 2.3%, respectively. However, remittances from East Asia and the Pacific, Europe, Central Asia and sub Saharan Africa decreased by 7.9%, 9.7% and 12.5% respectively.
With global growth expected to rebound further in 2021 and 2022, remittance inflows from low – and middle-income countries are expected to grow by 2.6% to US $553 billion in 2021 and 2.2% to US $565 billion in 2022. Despite significant progress in vaccination in many high-income countries, infection rates remain high in several large developing countries and the prospects for remittances remain uncertain.
The global average cost of remitting $200 in the fourth quarter of 2020 is still as high as 6.5%, more than double the 3% stipulated by the United Nations sustainable development goals. South Asia had the lowest average remittance cost (4.9%), while sub Saharan Africa still had the highest average remittance cost (8.2%). The world bank stressed that supporting the construction of remittance infrastructure and maintaining the flow of remittances also include efforts to reduce the cost of remittances.
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