Global remittances to rebound as economies recover from Covid impact: ADB

Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade

Global remittances will likely grow by $34 billion this year and about $31 billion in 2022, reversing last year’s decline, as economies recover from the impact of the coronavirus pandemic, according to the Asian Development Bank.
 

Estimated remittance growth of 4.8% globally this year reflects a comparison to last year’s low base, as well as migrant workers’ desire to send money home to make up for foregone remittances in 2020, the ADB said in an update to publications released since the onset of the Covid-19 crisis. Growth in the money repatriated by migrant workers will slow to 4.2% in 2022