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TitleThe impact of COVID-19 on remittances for development in Africa
AuthorBisong, Amanda; Ahairwe, Pamella Eunice; Njoroge, Esther
SubjectCOVID 19
Date of Publication20200516
Number of Pages32 pages
Geographical CoverageAfrica
KeywordsCOVID 19 Pandemic
AbstractRemittance flows, which are an integral part of development finance, proved relatively resilient during the 2008 financial crisis and the 2014 Ebola epidemic. However, they are currently under threat by the COVID-19 pandemic. Lockdown measures implemented in host countries have caused many migrants to lose their jobs, consequently reducing remittance flows to developing countries. In 2020, the World Bank estimates a historical decline in global remittances of US$110 billion, with sub-Saharan Africa (SSA) expected to experience a decline of about 23.1%.. The paper also highlights the short- and medium-term measures that policymakers and development partners in both sending and receiving countries should take to lessen the decline in remittance flows.
Copyright HolderECDPM
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Filesize1142085 MB
File FormatPDF
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