While the #COVID19 shock affects bigger EM through non-resident capital flows, smaller EM and frontier markets will suffer the drastic reduction of remittances, an important source of Current Account financing. FMs in Em Asia & Central America seem particularly vulnerable 
Data from @pewresearch shows that the services and retail industry in the US have a high share of immigrants, which in turn send remittances to their home countries. These remittances help to finance the CA of several FMs, a blackout of this source of FX means problems for FMs
Even before the #COVID19 shock, the process of de-globalization, trade frictions, a harsher migratory policy in the US and other factors already affected deeply the flow of remittances into FM and EM. Expect this pandemic to reduce this flow even more. Darker days ahead
