• Global remittance flows accept shown more resilience than expected during COVID-19, particularly for low and middle-income countries.
  • World Bank data shows that global remittances are expected to total $702 billion in 2020, which is a drop from the $719 billion recorded in 2019.
  • India is expected to have received the most - at $83.1 billion.

During the COVID-xix pandemic, global remittance flows have proven more resilient than expected. This is peculiarly true for inflows to depression and heart-income countries.

Co-ordinate to new World Bank data, global remittances are expected to total $702 billion in 2020, down from $719 billion in 2019 (-ii.4 percent). Of that total, $540 billion are expected to have flown into low and center-income countries, downwardly from $548 billion (-i.half-dozen percent).

While total remittance inflow was downwardly, some countries really increased it during the crisis quite substantially. Among them are Mexico, the third-biggest remittance recipient in the earth, too equally Egypt, Islamic republic of pakistan and Bangladesh, the global numbers five, six and eight. Amidst developing nations, India and the Philippines had some of the smallest losses in 2020 compared to 2019, at 0.2 percent and 0.seven percent, respectively.

The Primal Bank of the Philippines had before this yr put remittance subtract in the country at 0.8 pct. While the numbers differs slightly, the uniformly coded World Bank data makes it possible to compared remittances betwixt countries. The minor decrease is unusual for the earth'south 4th largest remittance recipient: In the past 10 years, remittance inflow to the Philippines had shown an annual increase of 3 to most nine percent.

Developed countries are also recipients of remittances, as the presence of France and Deutschland in the superlative x shows. Remittance inflows are typically less of import to their economies, withal. Remittances fabricated up less than i percent of GDP in the two European countries, as well as in China, in 2020. In the rest of the meridian x, this number ranged from 3 percent to well-nigh ten percent, the highest shares beingness exhibited by Pakistan (9.9 percent) and the Philippines (9.half-dozen pct).

health and healthcare, COVID

How has the Forum navigated the global response to COVID-19?

One year on: we expect back at how the Forum'due south networks have navigated the global response to COVID-xix.

Using a multistakeholder arroyo, the Forum and its partners through its COVID Action Platform have provided countless solutions to navigate the COVID-19 pandemic worldwide, protecting lives and livelihoods.

Throughout 2020, along with launching its COVID Action Platform, the Forum and its Partners launched more than 40 initiatives in response to the pandemic.

The work continues. As one example, the COVID Response Alliance for Social Entrepreneurs is supporting 90,000 social entrepreneurs, with an impact on one.iv billion people, working to serve the needs of excluded, marginalized and vulnerable groups in more than 190 countries.

Read more than near the COVID-xix Tools Accelerator, our support of GAVI, the Vaccine Brotherhood, the Coalition for Epidemics Preparedness and Innovations (CEPI), and the COVAX initiative and innovative approaches to solve the pandemic, like our Common Trust Network – aiming to help roll out a "digital passport" in our Impact Story.

The countries most reliant on remittance inflow in the World Bank ranking were Tonga (37.7 percent of Gdp) equally well as Somalia (35.iii percent of GDP) and Lebanon (32.nine percent of Gdp).

a chart showing the world's top remittance recipients

India was the top remittance recipient in 2020.

Image: Statista