As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14% by 2021 compared to the pre-COVID-19 levels in 2019, according to the latest estimates published in the World Bank’s Migration and Development Brief.
The global economy will experience a subdued recovery this year from the devastating pandemic, the World Bank predicted, but it warned that the near-term outlook is highly uncertain and growth could be imperiled if coronavirus infections and delays in the rollout of vaccines continue.
Millions of people in low-income countries have been forced to go without health care or have had to pay for it during the coronavirus pandemic, despite billions of pounds in emergency World Bank funding, research has found.
United Nations Secretary-General Antonio Guterres urged development banks to stop backing fossil fuel projects, after a report found the World Bank had invested $12 billion in the sector since the 2015 Paris Agreement to combat climate change.
A pandemic-delayed African free trade deal, if fully implemented, could boost incomes across the continent, pull millions out of poverty and cushion against the negative fallout from COVID-19, the World Bank wrote in a report.
The coronavirus pandemic and its devastating economic impact on developing countries could fuel fresh interest in so-called diaspora bonds that allow migrants to support their countries of origin, experts from the World Bank and other groups said.
The World Bank Group (WBG) is expected to launch health emergency programs in over 100 countries by the end of April to support the fight against COVID-19, with 64 already in operation, President David Malpass said.
The new coronavirus pandemic could send economies tumbling this year across Latin America and the Caribbean, also South Asia, forcing governments to take ownership stakes in struggling major businesses, according to a World Bank report.