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In India, remittances for 2020 are forecasted to fall by 23%to $64 billion.
International remittances are forecasted to experience their sharpest decline in recent times– 20%– owing to migrants losing tasks and earnings because of the COVID-19 pandemic, the World Bank Group said in a report released on April22 The pandemic and decreasing oil rates are likely to minimize remittances from the U.S., U.K., and E.U. nations to South Asia, resulting in a forecasted fall of 22%in remittances to $109 billion. World Bank sees FY21 India growth at 1.5-2.8%, slowest because economic reforms 30 years ago
Remittances are crucial in low- and middle-income countries