To mark the International Day of Family Remittances, speakers discuss the impact of the decline in remittances on the most vulnerable groups in developing countries, and explore short-and long-term policy measures that can benefit migrant workers, their families, and communities.
Global remittances are projected to decline sharply in 2020 due to the economic impact of the COVID-19 pandemic. Millions of migrants and their families have been affected by the pandemic, and a reduction in global remittances can have significant ripple effects across local economies and vulnerable communities, resulting in a decrease in productive investment, consumption spending, and access to education and health services. As foreign direct investment is expected to drop by more than 35 percent in 2020, remittance flows are likely to become even more important as a source of external financing for developing countries (World Bank, 2020). The money sent home by migrant workers can be leveraged for global development and is crucial in supporting individual families.
Deepali Fernandes, Senior Migration and Economic Development Specialist IOM.
Devesh Kapur, Starr Foundation Professor of South Asian Studies and Director of Asia Programs, Johns Hopkins University.
Monique Nsanzabaganwa, Deputy Governor, National Bank of Rwanda.
Dilip Ratha, Lead Economist, Migration, and Remittances and Head of KNOMAD World Bank.
Sandra Sequeira, Associate Professor of Development Economics, London School of Economics and Political Science.
The International Growth Centre (@The_IGC) aims to promote sustainable growth in developing countries by providing demand-led policy advice based on frontier research. The IGC directs a global network of world-leading researchers and in-country teams in Africa and South Asia and works closely with partner governments to generate high-quality research and policy advice on key growth challenges. Based at LSE and in partnership with the University of Oxford, the IGC is majority funded by the UK Department for International Development (DFID).
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