Posted on April 27, 2020 at 12:00 PM


A visual depiction of Countries that are most likely to be impacted by the Coronavirus pandemic

An infographic based on data from the World Bank

The estimated job losses due to Coronavirus are staggering. The US lost 701,000 jobs in the month of March alone. This resulted in the unemployment rate jumping from a 50 year low of 3.5% to 4.4%. But late April, the ‘real’ unemployment rate had shot up past 20% and an estimated 26 million jobs had been lost.

The story in Canada, a country that is in the top 4 Western nations when it comes to taking in immigrants on a per capita basis is no different. Canada lost 1 million jobs in the month of March. 44% of Canadian households have lost work or seen layoffs due to the Coronavirus pandemic. By late April almost seven million Canadians, more than a third of the citizens who had a job in mid-March had filed for unemployment benefits.

Europe too lost 1 million jobs in March. The actual numbers in all cases are likely to be higher as these numbers are based on those that apply for employment insurance. Temporary furloughs are reduced working hours are excluded from these numbers. In mid April, McKinsey estimated the unemployment rate in Europe to double to 7.6%, with 59 million jobs being lost permanently and reduction in pay and hours.

Estimates of total job losses by investment banks and other think tanks are quite staggering. The St. Louis Fed thinks that the US could see 47 million jobs lost with unemployment reaching 32% or beyond. Some estimates foresee a quarter of all jobs in Europe being impacted.

Globally, there is a large number of countries that have traditionally relied on remittances from overseas to shore up their finances. These nations may well be impacted severely in the coming months.

As a consequence of this, the Word Bank estimates a drastic fall in the amount of personal remittance from migrant workers. It estimates that on average remittances will fall by 20%. The 20% reduction will play out as follows across the key regions of the world:

world-bank-estimates-of-reduction-in-remittances-due-to-coronavirus Image Caption below the Image

As a result of this the countries that rely heavily on personal remittances may be headed into rough weather.

Based on data from the World Bank, here is a list of nations and the expected impact to their GDP at a high level. We created two infographics.

potential-gdp-loss-in-dollars-some-nations-with-high-gdp-reliance-on-personal-remittances potential-gdp-loss-in-percentage-some-nations-with-high-gdp-reliance-on-personal-remittances
Country Name 2018 - Personal Remittances as % of GDP 2018 GDP In Millions of $ Estimated Loss to GDP based on average of 20% reduction in Personal Remittances in Millions of $
Afghanistan 4.15% $19,400.00 $161.02
Albania 9.66% $15,100.00 $291.59
Algeria 1.03% $174,000.00 $358.90
Antigua and Barbuda 1.53% $1,610.00 $4.94
Argentina 0.10% $520,000.00 $103.20
Armenia 11.97% $12,400.00 $296.81
Australia 0.13% $1,430,000.00 $371.27
Austria 0.69% $455,000.00 $627.48
Azerbaijan 2.61% $46,900.00 $244.95
Bangladesh 5.68% $274,000.00 $3,112.19
Barbados 2.11% $5,150.00 $21.68
Belarus 2.31% $59,700.00 $275.25
Belgium 2.27% $543,000.00 $2,463.82
Belize 4.94% $1,870.00 $18.49
Benin 1.92% $10,400.00 $39.92
Bhutan 2.38% $2,450.00 $11.65
Bolivia 3.45% $40,300.00 $278.40
Bosnia and Herzegovina 10.52% $20,200.00 $425.13
Botswana 0.17% $18,600.00 $6.31
Brazil 0.16% $1,870,000.00 $587.13
Bulgaria 3.68% $65,100.00 $478.84
Burkina Faso 3.23% $14,100.00 $90.97
Burundi 1.59% $3,040.00 $9.68
Cabo Verde 11.81% $1,980.00 $46.77
Cambodia 5.84% $24,500.00 $286.14
Cameroon 0.86% $38,700.00 $66.75
Canada 0.08% $1,710,000.00 $269.79
Chile 0.02% $298,000.00 $13.21
China 0.18% $13,600,000.00 $4,858.22
Colombia 1.92% $331,000.00 $1,272.69
Comoros 13.81% $1,180.00 $32.58
Congo, Dem. Rep. 3.86% $47,200.00 $364.33
Costa Rica 0.89% $60,100.00 $106.65
Cote d'Ivoire 0.76% $43,000.00 $65.05
Croatia 4.73% $61,000.00 $577.12
Curacao 4.96% $3,130.00 $31.08
Cyprus 1.99% $25,000.00 $99.71
Czech Republic 1.60% $245,000.00 $781.94
Denmark 0.39% $356,000.00 $275.35
Djibouti 1.99% $2,960.00 $11.81
Dominica 8.93% $551.00 $9.84
Dominican Republic 7.96% $85,600.00 $1,363.55
Ecuador 2.80% $108,000.00 $605.58
Egypt, Arab Rep. 10.17% $251,000.00 $5,105.28
El Salvador 20.68% $26,100.00 $1,079.41
Estonia 1.84% $30,700.00 $113.18
Eswatini 2.67% $4,710.00 $25.13
Ethiopia 0.52% $84,400.00 $87.31
Fiji 5.14% $5,540.00 $56.97
Finland 0.34% $277,000.00 $190.12
France 0.97% $2,780,000.00 $5,406.84
Gabon 0.11% $16,900.00 $3.70
Gambia, The 12.47% $1,630.00 $40.65
Georgia 11.56% $17,600.00 $406.87
Germany 0.46% $3,950,000.00 $3,608.56
Ghana 5.37% $65,600.00 $704.58
Greece 0.22% $218,000.00 $97.93
Grenada 4.09% $1,190.00 $9.72
Guatemala 12.03% $78,500.00 $1,888.49
Guinea 0.26% $10,900.00 $5.68
Guinea-Bissau 8.77% $1,460.00 $25.62
Guyana 8.60% $3,880.00 $66.76
Haiti 32.53% $9,660.00 $628.54
Honduras 19.93% $24,000.00 $956.51
Hong Kong SAR, China 0.12% $363,000.00 $84.99
Hungary 2.68% $158,000.00 $847.53
Iceland 0.65% $25,900.00 $33.81
India 2.90% $2,720,000.00 $15,765.38
Indonesia 1.08% $1,040,000.00 $2,238.39
Iraq 0.33% $224,000.00 $148.19
Ireland 0.16% $382,000.00 $124.57
Israel 0.25% $371,000.00 $188.13
Italy 0.48% $2,080,000.00 $1,986.24
Jamaica 15.92% $15,700.00 $499.88
Japan 0.09% $4,970,000.00 $872.87
Jordan 10.58% $42,200.00 $893.37
Kazakhstan 0.34% $179,000.00 $123.37
Kenya 3.09% $87,900.00 $543.70
Kiribati 9.54% $188.00 $3.59
Korea, Rep. 0.44% $1,620,000.00 $1,425.53
Kosovo 15.57% $7,940.00 $247.18
Kuwait 0.02% $141,000.00 $5.56
Kyrgyz Republic 33.22% $8,090.00 $537.53
Lao PDR 1.33% $18,000.00 $47.86
Latvia 3.60% $34,400.00 $247.40
Lebanon 12.25% $56,600.00 $1,387.04
Lesotho 22.98% $2,740.00 $125.93
Liberia 14.09% $3,260.00 $91.87
Lithuania 2.60% $53,400.00 $277.24
Luxembourg 2.91% $70,900.00 $412.72
Macao SAR, China 0.04% $55,100.00 $4.56
Madagascar 3.07% $13,900.00 $85.39
Malawi 2.57% $7,060.00 $36.29
Malaysia 0.47% $359,000.00 $337.52
Maldives 0.08% $5,330.00 $0.84
Mali 5.95% $17,200.00 $204.85
Malta 1.90% $14,600.00 $55.48
Marshall Islands 14.21% $221.00 $6.28
Mauritania 1.15% $5,230.00 $12.07
Mauritius 1.72% $14,200.00 $48.87
Mexico 2.93% $1,220,000.00 $7,149.58
Micronesia, Fed. Sts. 5.81% $402.00 $4.67
Moldova 16.06% $11,400.00 $366.12
Mongolia 3.37% $13,100.00 $88.34
Montenegro 10.70% $5,500.00 $117.69
Morocco 5.87% $118,000.00 $1,384.56
Mozambique 2.01% $14,700.00 $59.14
Myanmar 3.99% $71,200.00 $567.97
Namibia 0.37% $14,500.00 $10.72
Nauru 5.20% $126.00 $1.31
Nepal 28.56% $29,000.00 $1,656.46
Netherlands 0.27% $914,000.00 $498.60
New Zealand 0.22% $205,000.00 $90.54
Nicaragua 11.47% $13,100.00 $300.55
Niger 3.19% $9,290.00 $59.33
Nigeria 6.12% $397,000.00 $4,858.90
North Macedonia 2.72% $12,700.00 $69.04
Norway 0.15% $434,000.00 $128.82
Oman 0.05% $79,300.00 $7.80
Pacific island small states 7.28% $10,400.00 $151.35
Pakistan 6.74% $315,000.00 $4,244.35
Palau 0.77% $284.00 $0.44
Panama 0.83% $65,100.00 $107.65
Papua New Guinea 0.01% $23,500.00 $0.58
Paraguay 1.69% $40,500.00 $136.58
Peru 1.45% $222,000.00 $644.82
Philippines 10.22% $331,000.00 $6,763.63
Poland 1.21% $586,000.00 $1,423.22
Portugal 0.21% $241,000.00 $100.89
Qatar 0.24% $191,000.00 $93.23
Romania 2.92% $240,000.00 $1,399.41
Russian Federation 0.52% $1,660,000.00 $1,724.58
Rwanda 2.74% $9,510.00 $52.11
Samoa 17.96% $820.00 $29.46
Sao Tome and Principe 4.21% $422.00 $3.55
Saudi Arabia 0.04% $787,000.00 $67.02
Senegal 10.06% $24,100.00 $484.91
Serbia 8.55% $50,600.00 $864.81
Seychelles 1.43% $1,590.00 $4.54
Sierra Leone 1.52% $4,090.00 $12.43
Slovak Republic 2.00% $106,000.00 $423.21
Slovenia 1.13% $54,000.00 $121.61
Solomon Islands 1.39% $1,400.00 $3.88
South Africa 0.25% $368,000.00 $185.66
Spain 0.24% $1,420,000.00 $671.50
Sri Lanka 7.92% $88,900.00 $1,408.60
St. Kitts and Nevis 2.56% $1,010.00 $5.17
St. Lucia 2.24% $1,920.00 $8.59
St. Vincent and the Grenadines 5.76% $811.00 $9.35
Sudan 1.04% $40,900.00 $85.14
Suriname 0.01% $3,590.00 $0.10
Sweden 0.57% $556,000.00 $629.05
Switzerland 0.36% $705,000.00 $513.05
Tajikistan 29.02% $7,520.00 $436.50
Tanzania 0.71% $58,000.00 $82.58
Thailand 1.48% $505,000.00 $1,492.69
Timor-Leste 3.73% $2,580.00 $19.26
Togo 9.24% $5,360.00 $99.07
Trinidad and Tobago 0.58% $23,800.00$27.73 $27.73
Tunisia 4.77% $39,900.00 $380.73
Turkey 0.15% $771,000.00 $224.30
Turks and Caicos Islands 0.73% $1,020.00 $1.49
Tuvalu 9.50% $42.59 $0.81
Uganda 4.48% $27,500.00 $246.43
Ukraine 11.23% $131,000.00 $2,942.57
United Kingdom 0.15% $2,860,000.00 $879.40
United States 0.03% $20,500,000.00 $1,330.74
Uruguay 0.17% $59,600.00 $20.85
Uzbekistan 15.07% $50,500.00 $1,521.93
Vanuatu 3.85% $914.00 $7.04
Vietnam 6.50% $245,000.00 $3,184.02
West Bank and Gaza 16.98% $14,600.00 $495.94
Yemen, Rep. 12.45% $26,900.00 $669.74
Zambia 0.40% $26,700.00 $21.38
Zimbabwe 5.99% $31,000.00 $371.20

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