The money’s not coming home: $690bn remittance risk
INTERNATIONAL – The amount of money migrant workers send to their home countries usually holds up well in a crisis. Not this time.
Waves of job losses among overseas workers and international border closures are sapping the $690 billion annual flow of global remittances at a time when many emerging economies need hard currency more than ever.
Lebanon, Ukraine and the Philippines will be among the hardest hit, while Latin America could see an 18% drop in money being sent home compared with last year.
Source: iol.co.za
