Power Shifts and the Risk of a "Crisis Within the Crisis": COVID, Oil and the MENA Region

Power Shifts and the Risk of a “Crisis Within the Crisis”: COVID, Oil and the MENA Region

COVID-19 triggered a collapse in oil prices from approximately 60 to 20 dollars per barrel between January and April 2020. Signs of a rebound are visible but prices remain well below the breakeven for many producers. If prices stay this low for long, or if they fall again after a partial rally in a relapse scenario, the world may witness a crisis within the crisis, with even further adverse effects on the world economy.

The impact of COVID-19 on remittances for development in Africa

The impact of COVID-19 on remittances for development in Africa

This paper stresses the importance of filling the development financing gaps that have been widened by shrinking remittances and suggests adaptations and increases in official development assistance (ODA) as an immediate solution to cushion some of the short-run effects of the COVID-19 pandemic.
Also, the paper highlights the short- and medium-term measures that policymakers and development partners in both sending and receiving countries should take to lessen the decline in remittance flows.