17/05/2021
Remittances to India take a hit as migrant workers return from Gulf amid Covid-19 | Deccan Herald
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$548
billion, according to the Migration and Development Brief.
To Epaper
The decline was smaller than the one during the 2009 global financial crisis (4.8 per cent). Also,
remittances did not decline as much as FDI flows to LMICs, excluding flows to China, fell by over 30
per cent in 2020. As a result, remittance flows to LMICs (excluding China) surpassed the sum of FDI
and overseas development assistance in 2020.
“Foremost among the drivers of remittance flows and reasons behind their resilience during the
crisis was migrants’ desire to help their families, to send money home by cutting consumption or
drawing on savings,” said Dilip Ratha, Lead Economist, Migration and Remittances and Head of
KNOMAD.
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