The value of the global remittance market in 2019 was $554.000 billion and is expected to drop to $470.000 billion in 2021 due to the impact of COVID-19. However, it is still a huge amount of money being transferred around the world, and sometimes by some of the lowest paid workers. The World Bank states: "If the cost of sending remittances could be reduced by 5 percentage points in relation to the value sent, remittance recipients in developing countries would receive more than $16.000 billion more each year than they do now."