Daily Times
May 16, 2021
Despite Covid-19, remittance flows rose by about 5.2 percent to South Asia in 2020 to $147 billion, driven by surge in flows to Pakistan and Bangladesh.
According to the latest Migration and Development Brief of the World Bank, remittances rose by about 17 percent in Pakistan, with the biggest growth coming from Saudi Arabia followed by the European Union countries and the United Arab Emirates.
The officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total of $548 billion, said the brief. The remittance flows to low- and middle-income countries surpassed the sum of FDI ($259 billion) and overseas development assistance ($179 billion) in 2020.
Vietnam among top 10 remittance recipients in 2020 with US$17.2 billion Chia sẻ | FaceBookTwitter Email Copy Link Copy link bài viết thành công
15/05/2021 17:21 GMT+7
This was a fourth consecutive year that Vietnam remains in the top 10 in terms of remittance.
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Vietnam remained the ninth largest remittance recipient globally with an inflow of US$17.2 billion in 2020, around the same amount received in 2019 and accounting for 5% of its GDP, according to the World Bank’s latest data.
This was a fourth consecutive year that Vietnam remains in the top 10 in terms of remittance, with the figure being US$13.8 billion in 2017 and US$15.9 billion in 2018. As a result, Vietnam received a total of around US$71 billion in remittances in the past five years, or an average growth of 6% per year.
Update: May, 15/2021 - 07:51 |
Vietnamese abroad sent US$17.2 billion worth of remittance in 2020, making Việt Nam among top remittance recipients in the world. Photo vneconomy.vn
HÀ NỘI Vietnamese abroad sent home US$17.2 billion worth of remittances in 2020, making Việt Nam the third-largest remittance recipient in the East Asia and Pacific region, according to the Migration and Development Brief released early this week by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD).
This represented a rise of nearly 3 per cent over 2019, a very positive result compared to the previous forecast in the context of the COVID-19 pandemic. Recently, the World Bank had estimated that remittance flow to Việt Nam in the first 10 months of 2020 fell by 7 per cent.
Remittance inflows to Nigeria reduced 28% in 2020 – World Bank
“The decline in flows to Sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria. 3 min read
The World Bank says remittance inflows to Nigeria declined by 28 per cent in 2020 because of COVID-19 pandemic.
The bank also said remittance flows fell for Sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday.
The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa.
The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to Sub-Saharan Africa.
“The decline in flows to Sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria.
“Excluding flows to Nigeria, remittances to Sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience,’’ the report stated. According to the report, the relatively strong performance of remittance flows during the COVID-19 crisis has also highlighted the importance of timely availability of data. It stated that given its growing significance as a source of external financing for low- and middle-income countries, there was need for better collection of data on remittances.