Covid-19 and migrant remittances : a hidden crisis looming?

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<title>Covid-19 and migrant remittances</title>
<subTitle>: a hidden crisis looming?</subTitle>
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<namePart>Economist Intelligence Unit</namePart>
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<dateIssued>2021</dateIssued>
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<abstract displayLabel="Summary">The coronavirus (Covid-19) pandemic has had an enormous impact on international flows of migrant remittances, which represent a significant source of economic support for many poor countries. The World Bank estimates that global remittances fell by 7% in 2020, surpassing the 5% decline seen during the global financial crisis in 2009. Recessions in host countries have made it difficult for migrants to send money home, as they face increasing precarity and unemployment. Meanwhile, lockdowns and travel restrictions have created new obstacles to mobility, preventing would-be migrants from working overseas. A further 7% drop in remittances is expected in 2021, owing to the pandemic's lingering effects on the global economy.</abstract>
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