Remittance Affected by the Pandemic
Written by Clara Chiu (Head of Partnership Development) The COVID-19 pandemic rapidly spread worldwide in 2020, prompting various countries to implement measures such as school and work closures and different types of quarantine to control the outbreak. These actions had a significant impact on the global economy. Global remittances have decreased, which reflects the impact of the pandemic. When workers from a country go abroad to work and send back a portion of their earnings in the form of cash or goods to support their families back home, this transfer of money is referred to as worker or immigrant remittances. The pandemic has caused significant unemployment and salary reductions, particularly in the hospitality, tourism, and construction industries, resulting