World Bank warns of collapse in remittances by migrant workers

World Bank warns of collapse in remittances by migrant workers

The World Bank has warned that Remittances to low & middle income countries are projected to fall by nearly 20% to $445bn. It has described this decrease as the worst than the 2008 financial crisis. Eastern EU is expected to be one of the worst-hit regions as migrant workers in western EU and Russia are forced to cut back the amounts they send back to families in Romania, Bulgaria, Ukraine.

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