The COVID-19 pandemic has had far-reaching effects on economies worldwide, with migrant remittances being no exception. According to data from the World Bank, remittances are expected to drop by 14% next year, a significant decline that poses challenges for many nations.
In Venezuela, this reduction is particularly painful. Remittances rank second only to oil exports as a vital source of income for the country. These funds are essential for countless families, providing financial support for everyday necessities and helping to stabilize their livelihoods amidst economic uncertainties.
The anticipated decrease in remittances is likely to exacerbate the economic struggles faced by Venezuelans, who rely heavily on these funds to bridge gaps in income and sustain their communities. As the global economy continues to navigate the impacts of the pandemic, the plight of Venezuela highlights the critical role that remittances play in supporting vulnerable populations.
Reference(s):
cgtn.com
