Remittances to Albania: Before and after the COVID-19 Pandemic

Abstract

This paper aims to advance an understanding of the flows of remittances resulting from Albanian migration before and after coronavirus, their impact on the country’s development and ways to mitigate the effects of the pandemic and ensure resilience of remittance families in Albania. Over the years, migrants’ remittances have played an important role in the social and economic development of Albania and Albanian families. The health emergency caused by the Covid-19 pandemic is expected to reshape our economy and could be devastating for migrants too. This pandemic is expected to change the context for international migration and potentially cause a decrease in remittances from Albanian migrants. And yet, surprisingly, there is a lack of effective mechanisms, policies, and recovery paths for increasing the positive impact of remittances on the country's development. The paper suggests that the way remittances are managed is important. Based on the context of Albania, remittances can be encouraged and facilitated through developing private-public-people partnerships, lowering costs, and using them for entrepreneurial initiatives rather than consumption. The key contributions of the paper lie in extending discussions of the value of collecting data on remittances, providing a dynamic view of the multiplicity of factors behind remittances.