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The persistently high cost of Pacific remittances - Devpolicy Blog from the Development Policy Centre

The persistently high cost of Pacific remittances - Devpolicy Blog from the Development Policy Centre
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Remittances to sub-Saharan Africa drop by 12.5% 'due to 27.7% fall in Nigeria remittances' – WB

Remittances to Sub-Saharan Africa declined by an estimated 12.5 per cent in 2020 to $42 billion, the World Bank has said.
The decline was âalmost entirely due to a 27.7 per cent decline in remittance flows to Nigeria, which alone accounted for over 40 per cent of remittance flows to the regionââ, the Bretton Woods institution said.
Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 per cent.
Remittance growth was reported in Zambia (37 per cent), Mozambique (16 per cent), Kenya (9 per cent) and Ghana (5 per cent).
In 2021, remittance flows to the region are âprojected to rise by 2.6 per cent, supported by improving prospects for growth in high-income countries. Data on remittance flows to Sub-Saharan Africa are sparse and of uneven quality, with some countries still using the outdated Fourth IMF Balance of Payments Manual rather than the Sixth, while several other countries do not report data at allâ. ....

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Defying Predictions, Remittance Flows Remain Strong During COVID-19 Crisis

Defying Predictions, Remittance Flows Remain Strong During COVID-19 Crisis
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Remittance flows by region: Where they rose and fell during COVID-19

Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected, according the World Bank. In a report released Wednesday (May 12, 2021), the bank stated that officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6% below the 2019 total of $548 billion, according to the latest Migration and Development Brief.
The decline in recorded remittance flows in 2020 was smaller than the one during the 2009 global financial crisis (4.8 percent). It was also far lower than the fall in foreign direct investment (FDI) flows to low- and middle-income countries, which, excluding flows to China, fell by over 30 percent in 2020. ....

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Defying predictions, remittance flows remain strong during COVID-19 Crisis

WASHINGTON, May 12, 2021 mdash; Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected. ....

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