Saturday April 4, 2020

Recession hits amount of money sent home by migrant workers

Recession and rising unemployment in rich nations have begun to eat into remittances, the multi-billion dollar stream of cash that African migrant workers send to their families back home.

18th July, 2009

Recession and rising unemployment in rich nations have begun to eat into remittances, the multi-billion dollar stream of cash that African migrant workers send to their families back home.

According to recent World Bank forecasts, remittances will fall by between 7 and 10 per cent this year. The bank has estimated that global migrants sent $328 billion home last year, although, with many remittances unreported, that figure could be significantly higher.

A number of countries have already begun...

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