Africans in the Diaspora have kept Inflows into the Continent Steady Besides a Pandemic

The projected dip in remittances to African countries will not be as bad as initially feared. Early World Bank estimates in April had predicted a 23.1% drop in remittances to sub-Saharan African countries this year in the wake of economic shocks in the aftermath of the Covid-19 pandemic. But the bank’s updated estimates portray a more positive outlook. Remittances to the region are now projected to decline by 9% in 2020 and 6% in 2021. By those estimates, total remittances to sub-Saharan Africa this year are expected to be around $44 billion, down from $48 billion last year. Globally, World Bank’s latest estimates now project that, compared to 2019 levels, remittances to low and middle income countries will fall by 7% in 2020 and a further 7.5% in 2021.

SOURCE: QUARTZ AFRICA