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As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14 percent by 2021 compared to the pre-COVID-19 levels in 2019.
According to the latest estimates published in the World Bank’s Migration and Development Brief remittance flows to low and middle-income countries are projected to fall by 7 percent, to $508 billion in 2020, followed by a further decline of 7.5 percent, to $470 billion in 2021.
The World Bank says in Sri Lanka, remittances are projected to fall by about 9 percent in 2020 to $6.7 billion.
For the first time in recent history, the stock of international migrants is likely to decline in 2020, as new migration has slowed and return migration has increased.
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