Global remittances resilient to Covid as UN celebrates special day

clock • 2 min read
Global remittances resilient to Covid as UN celebrates special day

Remittance flows have increased five-fold over the past twenty years, serving in a counter-cyclical capacity during economic downturns in recipient countries, the United Nations said in a statement to celebrate today's (16 June) International Day of Family Remittances (IDFR). The UN said while COVID-19 has been a formidable test for global remittances, early forecasts of sharp declines greatly underestimated the resilience in remittances flows. A May 2021 report by the World Bank revea...

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