Remittances across the world could decline by $108.6 billion this year as job losses mount and employers trim payrolls amid a COVID-19 pandemic that has devastated economies, according to a report by the Asian Development Bank.
Money sent to Asia, where about a third of migrant workers worldwide come from, could fall by $54.3 billion, or about a fifth of baseline remittances, the Manila-based lender said in the report released on Monday.
“The COVID-19 pandemic is expected to hit remittances hard in Asia and the Pacific,” the ADB report said. Georgia, Kyrgyzstan and Tajikistan, which send a large number of seasonal and long-term migrants mainly to Russia and Europe, will also be hard-hit, along with Nepal and the Philippines, the report said.
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