The Impact of Covid-19 Pandemic on Remittances and Household Welfare in Central Asian Countries
Abstract
This paper assesses the impact of remittances on economic growth in Central Asian countries during the COVID-19 outbreak. We use a panel data set on economic growth in five Central Asian Republics which were former members of the Soviet Union. We found that a 1% decline in remittances inflow would result in a 0.05% to 0.06% decrease in the average per capita GDP of Central Asian countries’ economies. We also found that a 1% decrease in the Russian economy, from which most remittances are sent, would reduce the average per capita GDP of Central Asian countries by 0.06%.
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