Developing countries losing a key source of revenue as the Covid-19 pandemic causes worldwide shutdowns sharply reducing payments from workers living abroad, the World Bank says
"Remittances are a vital source of income for developing countries," World Bank Group President David Malpass said.
The flow of remittances to poorer countries in Europe and Central Asia is expected to drop 27.5 percent, followed by sub-Saharan Africa with 23.1 percent, South Asia at 22.1 percent, the Middle East and North Africa at 19.6 percent, Latin America and the Caribbean with 19.3 percent and East Asia and the Pacific with 13 percent.
In the largely indigenous Guatemalan town of Joyabaj, half of the 100,000 residents depend on remittances, almost all from the US.
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