Remittances to SSA fell by over 12% in 2020 due to Covid-19

Remittances to SSA fell by over 12% in 2020 due to Covid-19


(Ecofin Agency) - The money sub-Saharan Africa received last year from its diaspora was 12.5% less than the previous year. The figures were unveiled by World Bank in a May 12 report.
According to the new "Migration and Development Brief", the SSA diaspora sent $42 billion home in 2020 against $48 billion in 2019. This is the second consecutive year of decline; in 2019, decline was only 0.4%.
According to the World Bank, this situation is due to the various restriction measures related to the covid-19 pandemic.
"There was a sharp temporary drop in remittance flows in the second quarter (Q2) of 2020, as lockdowns and travel bans imposed in response to the COVID-19 crisis also shut down remittance services (figure 1.2). It is possible that migrants postponed sending money during the initial chaos in late March and April 2020,” the report said.

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