2020: Low, middle income countries recorded $540bn inflow despite COVID - World Bank

  Remittance flows to low and middle income countries remained strong in 2020 despite the COVID-19 pandemic, the World Bank said. The global...

 

Remittance flows to low and middle income countries remained strong in 2020 despite the COVID-19 pandemic, the World Bank said.

The global institution, in a statement, confirmed that officially recorded inflow to low- and middle-income countries reached $540 billion in 2020.

The figure surpassed $259 billion in foreign direct investment (FDI) and $179 billion in overseas development assistance in the same year.

It is just 1.6% below the 2019 total of $548 billion, according to the latest Migration and Development Brief.

The report said the decline recorded in 2020 was smaller than the one during the 2009 global financial crisis (4.8 percent).

This is lower than the fall in FDI flows to low and middle-income countries, which, excluding flows to China, fell by over 30% in 2020.

The World Bank highlighted the main drivers for the steady flow registered last year.

Fiscal stimulus resulted in better-than-expected economic conditions in host countries, a shift in flows from cash to digital and from informal to formal channels and the cyclical movements in oil prices and currency exchange rates.

The actual formal and informal remittance is believed to be larger than officially reported data, while the impact of COVID-19 on informal flows is unclear.

The strength of Nigeria, a middle-income country, lies in the manufacturing, financial, service, communications, technology and entertainment sectors.

Nigeria is ranked the 27th largest economy in the world by nominal GDP and the 24th largest as regards purchasing power equality.

COMMENTS

Name

BBNaija,2118,Business,2732,CampusGist,1035,Celeb,4898,celebrities,240,Comedy,8,CONFESSION,11,Education,2415,Entertainment,5897,Fashion,367,Featured,626,Gist,2037,Health,721,Job,3,Lifestyle,873,Music,153,MY STORY,37,News,83076,Opinion,849,Poem,10,Politics,13487,Relationship,210,Sponsored Contents,31,Sports,17269,Style & Travel,47,Success Stories,265,Technology,342,Video,114,
ltr
item
Saga Gist - Top Source for Nigeria News: 2020: Low, middle income countries recorded $540bn inflow despite COVID - World Bank
2020: Low, middle income countries recorded $540bn inflow despite COVID - World Bank
https://dailypost.ng/wp-content/uploads/2020/10/world-bank.jpg
Saga Gist - Top Source for Nigeria News
http://www.sagagist.com.ng/2021/05/2020-low-middle-income-countries.html
http://www.sagagist.com.ng/
http://www.sagagist.com.ng/
http://www.sagagist.com.ng/2021/05/2020-low-middle-income-countries.html
true
3363430711841052055
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content