Coronavirus Threatens Incomes That Migrants Send Home
Many national economies are highly dependent on the flow of personal remittances that migrants send to their home countries
(Bloomberg Opinion) -- Millions of families — and many national economies — are highly dependent on the regular flow of personal remittances: money or other assets that migrants send back to their home countries. In 2018, the total sum remitted worldwide was more than $637 billion and, prior to Covid-19, was expected to rise dramatically.
The result of this network of global financial interdependence is that the distress of the world’s major economies is likely to have an impact far beyond their shores. For example, more than 40% of Tonga’s 2018 gross domestic product came from money sent into the country via remittances.
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Ben Schott is a Bloomberg Opinion visual columnist. He created the Schott’s Original Miscellany and Schott’s Almanac series, and writes for newspapers and magazines around the world.
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