World Bank project remittances to Nigeria, other LMICs to drop by 20% in 2020



 

World Bank has projected that the remittances to Nigeria, Egypt, Senegal, and other Low and Middle-income Countries (LMICs) would drop sharply by 19.7% to $445 billion in 2020 due to the economic crisis induced by the COVID-19 pandemic and lockdown.

The World Bank Group defined LMICs as low-income economies ($1,005 or less GNI per capita) or as lower-middle-income economies ($1,006 to $3,955 GNI per capita).

The decline, according to the statement issued by the global lender and seen by Nairametrics, would be the sharpest decline in recent history and it is largely due to a fall in the wages and employment of migrant workers that are more vulnerable to loss of employment and wages during an economic crisis in a host country.

 



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