The impact of COVID-19 on international remittances and financial inclusion

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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.

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.

When: 14:00 - 15:15 (BST) , Tuesday, 16 June

You may want to read our new policy brief on "Remittances in the time of COVID-19: Challenges and opportunities for growth in developing countries".

You can listen to the audio recording of the event here: