• Contact Form
  • Submit Article
  • Terms of Use
  • Cookie Privacy
  • Privacy Policy
Monday, January 18, 2021
Daily Oil Gas newspaer online market news
Advertisement
  • Home
  • NewsDaily
    • All
    • Asian Oil & Gas
    • Equipment & Services
    • gas prices
    • Latest News
    • oil company
    • oil jobs
    • oil price
    • Production
    • Russia Oil & Gas News
    • saudi arabia Oil & Gas
    • Transport
    • USA Oil & Gas
    Block Energy PLC says it is on cusp of inaugural gas sales

    Block Energy PLC says it is on cusp of inaugural gas sales

    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Methane emissions fell in 2020 on lower oil and gas production

    Methane emissions fell in 2020 on lower oil and gas production

    EMERGING MARKETS-Russia’s rouble leads EMEA FX losses on weak oil, political woes – Nasdaq

    Big Oil’s Flagship Plastic Waste Project Sinks on the Ganges – U.S. News & World Report

    Trending Tags

    • oil price
    • Oil
    • Energy
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobsNews
No Result
View All Result
  • Home
  • NewsDaily
    • All
    • Asian Oil & Gas
    • Equipment & Services
    • gas prices
    • Latest News
    • oil company
    • oil jobs
    • oil price
    • Production
    • Russia Oil & Gas News
    • saudi arabia Oil & Gas
    • Transport
    • USA Oil & Gas
    Block Energy PLC says it is on cusp of inaugural gas sales

    Block Energy PLC says it is on cusp of inaugural gas sales

    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Methane emissions fell in 2020 on lower oil and gas production

    Methane emissions fell in 2020 on lower oil and gas production

    EMERGING MARKETS-Russia’s rouble leads EMEA FX losses on weak oil, political woes – Nasdaq

    Big Oil’s Flagship Plastic Waste Project Sinks on the Ganges – U.S. News & World Report

    Trending Tags

    • oil price
    • Oil
    • Energy
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobsNews
No Result
View All Result
Morning News
No Result
View All Result
Home Asian Oil & Gas

Covid-19, oil price shock may lead to remittances falling 20% this year: Expert

September 26, 2020
in Asian Oil & Gas
Covid-19, oil price shock may lead to remittances falling 20% this year: Expert
Share on FacebookShare on Twitter


Written by Anil Sasi
| New Delhi |

September 27, 2020 1:08:14 am


Rupee slips 48 paise to 76.08 against US dollar in early trade amid coronavirus scareThe fall in remittances, according to Ratha, will add to the fiscal difficulty of states as households will either not have the additional income through remittances or will receive lower amounts.

India is likely to see a fall of at least 20 per cent in remittances from overseas workers this year, the biggest projected drop since at least 1980, according to Dilip Ratha, World Bank lead economist on migration and remittances.

India, the world’s top recipient of remittance transfers and a leading supplier of labour to West Asia, got $83 billion as money sent from workers abroad last year — or nearly 3 per cent of the Gross Domestic Product — significantly higher than the $49 billion that came into the country by way of Foreign Direct Investment in 2019.

Kerala and Punjab are two of the largest remittance recipients among Indian states, and are likely to bear the brunt of the fall in remittance flows, while others such as Gujarat, Maharashtra, Karnataka, and Tamil Nadu could also be hit, Ratha, who heads the global migration think tank KNOMAD, told The Sunday Express.

“Since Kerala and Punjab are two of the largest remittance recipients, a large number of households in these states are likely to experience disruptions to their financial lifelines, affecting their ability to consume, afford healthcare, and education. We do not have state-level data on remittance flows and it is difficult to be precise. In fact, other states like Gujarat, Maharashtra, Karnataka, and Tamil Nadu also have large numbers of migrants abroad and probably receive large amounts of remittances,” Ratha said.

Explained

Ripple effect likely

The dip in foreign remittances will have a direct impact on household savings and consumption expenditure, which is likely to add to the Covid-linked stress on the economy, and prolong the recovery process.

World Bank data projects that flows of remittances from Europe and the United States are likely to be weaker than those from the six GCC (Gulf Cooperation Council) countries.

According to Fitch Ratings, the pandemic and oil price shock have driven sharp economic contractions and fiscal deteriorations worldwide, including in the Gulf region. Migrant workers are likely to bear the brunt of job losses, and the sectors in which they work are likely to be particularly affected. Construction pipelines are being truncated due to spending cuts and the hospitality sector is struggling from the fall in global tourism. Remittances to the Asia-Pacific region will drop 12 per cent in the second half of 2020 compared with the same period last year, Fitch Ratings said in a report.

While oil prices have staged a partial recovery from the lows it hit in April, the impact of Covid-19 on the global economy and consumer behaviors has reduced long-term world oil demand by 2.5 million barrels per day, according to S&P Global Platts Analytics.

Given that the GCC region is particularly vulnerable to falling oil revenues as the Covid-led recession gets more prolonged, job cuts are likely to impact foreigners first in that region.

The fall in remittances, according to Ratha, will add to the fiscal difficulty of states as households will either not have the additional income through remittances or will receive lower amounts. Therefore, he said, with consumption curtailed, there will be both direct and indirect impact on tax revenues of states.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

© The Indian Express (P) Ltd



indianexpress.com

Related Posts

Methane emissions fell in 2020 on lower oil and gas production

Methane emissions fell in 2020 on lower oil and gas production

by OIl News
January 18, 2021
0

1/18/2021 (Bloomberg) --Emissions of planet-warming methane fell last year as oil and gas production declined, but they were still...

Exporting U.S. shale boom changed oil markets forever | Business

Exporting U.S. shale boom changed oil markets forever | Business

by OIl News
January 17, 2021
0

Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first U.S....

Beyond the Shell Bukom heist, a deeper look at how marine fuel is stolen in Singapore

Beyond the Shell Bukom heist, a deeper look at how marine fuel is stolen in Singapore

by OIl News
January 16, 2021
0

SINGAPORE: On Dec 15, a 40-year-old Shell employee admitted in court to playing a part in the largest marine fuel...

Closing prices for crude oil, gold and other commodities

by OIl News
January 16, 2021
0

Benchmark U.S. crude oil for February delivery fell $1.21 to $52.36 a barrel Thursday. Brent crude oil for March...

Global Oil and Gas Liquids Storage Capacity and Capital Expenditure Outlook to 2024 – Asia Spearheads Global Liquids Storage Capacity Growth – KSU

by OIl News
January 15, 2021
0

Global liquids storage capacity is expected to grow by 8.0 percent during the outlook period 2020-2024, from 8,310 million...

Column: Big freeze exposes Asia’s underlying energy crisis

Column: Big freeze exposes Asia’s underlying energy crisis

by OIl News
January 14, 2021
0

LONDON (Reuters) - Northeast Asia has been hit by a midwinter energy crisis as an extended period of much...

Leave a Reply

avatar
This comment form is under antispam protection
avatar
This comment form is under antispam protection
  Subscribe  
Notify of

POPULAR NEWS

The great Texas oil shutdown has begun

The great Texas oil shutdown has begun

April 26, 2020
Oil Market Offers Wrong Type of Wow Factor

Oil Market Offers Wrong Type of Wow Factor

April 25, 2020
which companies are still paying dividends

which companies are still paying dividends

April 25, 2020
Tullow Oil PLC names former Cairn India boss, Rahul Dhir as new chief executive

Tullow Oil PLC names former Cairn India boss, Rahul Dhir as new chief executive

April 25, 2020
SDX Energy PLC higher as says testing confirms Sobhi discovery in Egypt is commercial

SDX Energy PLC higher as says testing confirms Sobhi discovery in Egypt is commercial

April 25, 2020

EDITOR'S PICK

Bahamas Petroleum Plc, Tower Resources Plc, Echo Energy Plc, Union Jack Oil PLC …

Bahamas Petroleum Plc, Tower Resources Plc, Echo Energy Plc, Union Jack Oil PLC …

June 14, 2020

Oil Prices Struggle After Weekly API Report Shows a Supply Build

October 21, 2020

‘Another Punch in the Gut’: Shrimpers Navigate Pandemic – U.S. News & World Report

May 2, 2020
Mosman Oil And Gas Ltd remains on track to drill Falcon well this month with no major hurricane damage

Mosman Oil And Gas Ltd remains on track to drill Falcon well this month with no major hurricane damage

September 2, 2020
  • Contact Form
  • Submit Article
  • Terms of Use
  • Cookie Privacy
  • Privacy Policy

© 2020 Oil Newspaper.com

No Result
View All Result
  • Home
  • News
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobs

© 2020 Oil Newspaper.com

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.