‘They rely on those remittances and without it, how can they live?’ – COVID projected to slash key lifeline for families in the developing world
Listen now
Description
In recent years, remittances were on the rise, playing an increasingly important role in global development.  They eclipsed foreign aid in the ‘90s and surpassed foreign direct investment last year. Then COVID-19 and the subsequent lockdowns hit.  Dilip Ratha, the World Bank’s Lead Economist for Migration and Remittances, tells us that he thinks there will be a 20% drop in those flows this year, as migrants struggle to find work. And that matters, he says, because many families depend on those funds for their basic needs.   We also get the view from Manilla, from where Katrina Hontomin joins us to talk through how remittances shaped her life – from her early education to today.  And Raka has the latest development data to help us make sense of the story.  It all comes to you from the World Bank Group in Washington, DC and around the world!  And as always, we welcome your feedback, questions, and ideas. Email us using [email protected] 
More Episodes
The past twelve months have been turbulent for the global economy. Conflict, inflation, food supply crises and the long tail of the Covid-19 pandemic have caused shockwaves across the world. In this episode of The Development Podcast we speak to World Bank Group chief economist Indermit Gill who...
Published 12/20/22
COVID-19, the war in Ukraine, and other crises have dealt the biggest setback to global poverty reduction in decades. 2020 alone saw the largest one-year increase in extreme poverty since global monitoring began. Ruth Hill, a lead economist at the World Bank discusses the recent Poverty and...
Published 12/05/22