When the pandemic struck, experts forecast a massive dip in global remittances. These forecasts though didn’t consider the power of human emotion in connecting the world’s 200+ million migrant communities with their families back home.
Negating all forecasts, the remittance industry saw a drop of only 1.6 per cent in 2020 and went beyond expectations to record a growth in 2021. A familial bond holds an intangible value, as the numbers prove. This year, the International Day of Family Remittances – celebrated annually on June 16 – comes at a time when the world is grappling with a heightened sense of economic insecurity.