Remittance Prices Worldwide is a resource report sponsored by the World Bank Group.
It provides data on the cost of sending remittances from 48 remittance sending countries and 105 receiving countries.
According to recent report global remittances are projected to decline sharply by about 20 percent in 2020 (around 110 million USD) due to the economic crisis induced by the COVID-19 pandemic and shutdown.
In 2019, the remittance reached all-time high of 554 billion USD.
Remittances to India are likely to drop by 23 per cent from $83 billion last year to $64 billion this year.
India is the world’s biggest recipient of remittances.
In 2019, India is estimated to have received $83.1 billion in remittances from people working overseas, about 12% of the total expected global inflow.