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The Impact Of The Coronavirus Pandemic On Remittances

Author

Listed:
  • Brindusa Mihaela RADU

    (Athenaeum University, Bucharest, Romania)

  • Mariana BALAN

    (Institute for Economic Forecasting – NIER, Romanian Academy)

Abstract

COVID-19 generated a decrease in remittances worldwide from March to April 2020, a decrease that was initially forecast at about 20% throughout 2020. Final figures showed that they decreased by only 1,2% worldwide. However, the values differ from country to country (World Bank, 2020). The restrictive measures imposed by the quarantine, the decrease of incomes, the loss of jobs, but also the economic uncertainty discouraged the citizens to send money home. Given that remittances account for a significant percentage of the annual GDP of many countries, a reduction in them generates multiple socio-economic implications (Giuliano and Ruiz-Arranz, 2009). This paper aims to make a brief assessment of the evolution of migrant remittances in 2020, a year marked by numerous restrictions and socio-economic events related to the Coronavirus pandemic (worldbank.org).

Suggested Citation

  • Brindusa Mihaela RADU & Mariana BALAN, 2021. "The Impact Of The Coronavirus Pandemic On Remittances," Internal Auditing and Risk Management, Athenaeum University of Bucharest, vol. 63(3), pages 19-24, September.
    • Handle: RePEc:ath:journl:v:63:y:2021:i:3:p:19-24
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    References listed on IDEAS

    as
    1. Ramon A. Castillo‐Ponce & Victor Hugo Torres‐Preciado & Jose Luis Manzanares‐Rivera, 2011. "Macroeconomic determinants of remittances for a dollarized economy: the case of El Salvador," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 38(5), pages 562-576, September.
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    More about this item

    Keywords

    Labor force migration; remittances; COVID-19;
    All these keywords.

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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