24 April, 2020
9 Min Read
Remittances likely to plunge 23%: World Bank
Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)
The World Bank has said that remittances to India are likely to drop by 23 per cent from 83 billion US Dollars last year to 64 billion US Dollars this year due to the Corona virus pandemic, which has resulted in a global recession.
According to a World Bank report on the impact of the COVID-19 on migration and remittances, the remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns due to out break of Novel Corona virus.
The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.
World Bank Group President David Malpass (PT) said, remittances are a vital source of income for developing countries and they help families afford food, health care and basic needs.
Importance of remittances for India:
World Bank’s Migration and Development Brief
About World bank
With 189 member countries, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
The Bank Group works with country governments, the private sector, civil society organizations, regional development banks, think tanks, and other international institutions on issues ranging from climate change, conflict, and food security to education, agriculture, finance, and trade.
A Group of Institutions
Together, the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) form the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries. While the World Bank Group consists of five development institutions.
All of these efforts support the Bank Group’s twin goals of ending extreme poverty by 2030 and boosting shared prosperity of the poorest 40% of the population in all countries.
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