Covid-19, Remittances and Repercussions
Covid-19, Remittances and Repercussions

Author(s): Melissa Siegel
Subject(s): Social Sciences, Psychology, Essay|Book Review |Scientific Life, General Reference Works, Geography, Regional studies, Sociology
Published by: Transnational Press London
Keywords: COVID-19; repercussions;migration;remittances;
Summary/Abstract: According to the United Nations (2020), migrants are currently being affected by three overlapping crises due to COVID-19; a health crisis, a socio-economic crisis and a protection crisis. I will focus here mainly on the socio-economic crisis. Financial or monetary remittances, loosely defined as the money that migrants send back to friends and family members in their countries of origin, are an extremely important lifeline for those that receive them. In 2019, remittances reached a record high of an estimated $714 billion, with an estimated $554 billion going to low and middle income countries (World Bank - KNOMAD, 2020b, p. 30). Unfortunately, it looks like remittances are being heavily impacted by COVID-19. The World Bank (2020b) currently estimates a 20 per cent global reduction in remittances for 2020 with continued shortfalls through 2021.

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