Uncertainty around the outlook for remittances is high, noted the report by Oxford Economics commissioned by Western Union. But it added that as advanced economies recover and if demand for funds from developing economies remained high, then remittance performance in 2021 could even return to pre-pandemic levels. When times get hard in developing economies, remittance-senders become front-line workers of economic security," said Hikmet Ersek, President and CEO of Western Union, in a statement accompanying the report. The economies of the top 20 economies where migrant workers are based will rebound strongly this year, Oxford Economics said. In this context, another large dip in remittance flows in 2021 would imply an unusually sharp divergence from economic trends, the report noted.

Source: bd News24 January 27, 2021 09:33 UTC