The Covid-19 pandemic has been hard for every single country on the planet and therefore, the global remittance flows have been highly resilient than expected especially for the low to middle-income countries.
The World Bank data reveals that the total remittance is predicted $702 billion in 2020 which was 2.4 percent down as of 2019 ($719 billion). However, out of the total $702 billion, around $540 billion is expected to be received by the low or middle-income countries. In 2019, the low and middle-income countries received a total of $548 billion which is 1.6 percent more than that of 2020.
Despite a lower inflow of remittance, a few countries increased it substantially during the Covid-19 crises. As the infographic shows, the biggest global remittance recipient is India that received $83.1 billion in 2020 which is still 0.2 percent less than the country received in 2019.
Followed by China and Mexico with $59.5 billion and $42.9 billion, respectively. China got 13 percent less than 2019 whereas, Mexico received 9.9 percent more of the remittance inflow as it got in 2019. Other countries that are included in the top ten remittance recipients include Pakistan and Bangladesh as well.
Surprisingly, some developed countries are also seen in the list including Germany and France. But, the remittance flow is not as important to these countries as it is to other underdeveloped or emerging ones.
Infographic by: Statista.com