Overview
Economic slowdown, sluggish oil prices, stricter labour laws, nationalization policies, higher work permit renewal fees and taxes contributed as factors for the decline in the share of remittance from the GCC region.
India was expected to be one of the worst affected, in terms of remittances, with a projected decline of 23% (World Bank, 2020) as the host countries were vulnerable to the twin effect of economic slowdown and slump in oil prices.
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