Global remittances may lose $108.6 bn in 2020; South Asia to suffer most

Remittance receipts in Asia and the Pacific would fall by $54.3 billion, equivalent to 19.8 per cent of remittances in 2018

As the world goes through an unprecedented recession amid the pandemic, global remittances may fall by $108.6 billion in 2020 if the economic impact of Covid-19 persists throughout the year, says a report by the Asian Development Bank (ADB).

The report published on Monday noted that the pandemic continues to weigh heavily on economic systems and employment around the world. Migrant workers are among the hardest hit groups, with many facing scant job security and limited access to social assistance, it said.

Large-scale unemployment and wage reduction among migrant workers also threaten the wellbeing of many households in Asia and