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Remittances: Lockdowns slow the flow of money

DW, 24 Mar 2021
The consequences of lockdowns in wealthier countries are also felt much further away. That's because migrants who normally send money back to families in their home-countries have less work and thus less to send. These remittances, as they're called, are no small-sum: They amounted to more than 0.5 Trillion US-Dollars worldwide in 2019. That amount shrank noticeably last year, as lockdowns sank-in again, limiting migrant-work. The World Bank believes this year will see even less money sent home. That could mean more families falling into poverty in places like Sub-Saharan Africa. Remittances there totaled 48 Billion dollars in 2019. Nearly half of that -- roughly 21 Billion Dollars -- went to Nigeria alone.

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