RIO DE JANEIRO, BRAZIL - Money transfers from migrants overseas could rebound to pre-pandemic levels, upending a World Bank forecast of a further slowdown in remittances to developing countries in 2021, according to a new study.
Remittances, an important source of external financing for low and middle-income countries, have not slumped as much as initially feared during the coronavirus pandemic, even rebounding to some economies, including Mexico, El Salvador, Kenya, Pakistan, Bangladesh, the Philippines and Sri Lanka. Uncertainty around the outlook for remittances is high, noted the report by Oxford Economics commissioned by Western Union. But it added that . . .