Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously expected. Officially recorded remittances to low- and middle-income countries reached $ 540 billion in 2020, 1.6% lower than the total of $ 548 billion in 2019, according to the latest information note on migration and development.
The decline in remittance flows recorded in 2020 was smaller than that of the global financial crisis of 2009 (4.8%). It was also well below the decline in foreign direct investment (FDI) flows to low- and middle-income countries, which, excluding flows to China, fell by more than 30% in 2020. Middle-income countries exceeded the sum of FDI ($ 259 billion) and foreign development assistance ($ 179 billion) in 2020.
During this webinar, Dilip Ratha, lead author of the Migration and Remittances Report and Head of KNOMAD, presented the main points of the report.
8 am-9am Friday May 28, 2021 (Japan Standard Time)
Chief Economist, Migration and Remittances and Head of the Global Knowledge Partnership on Migration and Development (KNOMAD), World Bank
Dilip Ratha is Chief Economist, Migration and Remittances and Head of KNOMAD. He acts as the focal point for the World Bank on Migration, Remittances and Diaspora Bonds. He is the coordinator of the Global Remittances Working Group (G7 / G20). His TED Conference “The Hidden Force in the Global Economy: Sending Money Home” has been viewed 1.4 million times. In addition to migration, Dilip has worked extensively on innovative financing tools such as the securitization of future flows, prediction models for sovereign ratings and South-South FDI. He founded KNOMAD in 2013 and co-founded Migrating out of Poverty Research Consortium in 2011. He is also the mastermind of the African Institute for Remittances. Before joining the World Bank, he worked as a regional economist for Asia at Crédit Agricole Indosuez, Singapore, and taught at the Indian Institute of Management, Ahmedabad. He has been a Visiting Professor of Economics at the University of Sussex and a Visiting Senior Fellow at the Harvard South Asia Institute. He has a doctorate. in Economics from the Indian Statistical Institute. In 2008, a New York Times article about his life and work stated, “No one has done more than Dilip Ratha to make migration and its potential rewards a top concern in development ministries around the world. Dilip is the editor of PeopleMove Blog.
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