THE IMPACT OF THE CORONAVIRUS PANDEMIC ON REMITTANCES
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Authors:
• Brînduşa Mihaela RADU, email: bmradu@yahoo.com, Afiliation: Athenaeum University, Bucharest, Romania
• Mariana BĂLAN, email: dr.mariana.balan@gmail.com, Afiliation: Institute for Economic Forecasting – NIER, Romanian AcademyPages:
• 19|24 -
Keywords: Labor force migration, remittances, COVID-19
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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).
