Remittances to Cambodia drop sharply due to COVID-19

Cambodia is to join the ranks of declining overseas worker remittances this year after the World Bank projected global remittances will decline sharply by about 20 percent in 2020 because of the economic crisis induced by the COVID-19 pandemic and consequent business shutdowns.

Global remittances to low- and middle-income countries (LMICs) are projected to fall by 19.7 percent to 445 billion USD, according to the World Bank.

This would reduce money sent back home by Cambodia’s more than 1.2 million workers in countries such as Thailand, the Republic of Korea (RoK), Japan, Singapore, Hong Kong (China), Malaysia and Saudi Arabia substantially from the 2.8 billion USD remitted last year.

In full:

Related Stories

Latest News