Remittances expected to drop sharply due to COVID-19

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remittances

Global remittances to drop by USD108 billion due to COVID-19. According to the Asian Development Bank (ADB), global remittances around the world is projected to fall by as much as USD108 billion, as foreign workers lose their jobs as a result of the ongoing COVID-19 pandemic.

1/3 of all foreign workers are from Asia and the Pacific, where remittances are projected to drop by USD54.3 billion.

In 2019, remittances to Asia and the Pacific totalled USD315 billion, helping drive growth to developing countries like the Philippines.

The ADB report said that the COVID-19 pandemic will hit countries in Asia and the Pacific very hard.

Countries such as Tonga, Samoa, Georgia, Kyrgyzstan, Tajikistan, Nepal and the Philippines, which sent seasonal and long-time migrant workers will be particularly hard hit.

The ADB report assumes that economic recovery can take up to a year, with much uncertainty surrounding the time frame of each country’s recovery after lifting COVID-19 related restrictions.

The ADB report is also forecasting the weakest growth in nearly 60 years for 45 countries in Asia and the Pacific.

Check out the original Asian Development Outlook Report here.





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