MANILA Remittances worldwide could decrease by $ 108.6 billion this year as job losses increase and employers cut payrolls amid a COVID-19 pandemic that has devastated economies, according to a report. from 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, said the Manila-based lender in the report released Monday.
Remittances to Asia and the Pacific, which totaled $ 315 billion in 2019, help fuel consumption-led growth for some of the region's developing economies, including the Philippines.
"The COVID-19 pandemic is expected to severely affect remittances in Asia and the Pacific," the ADB report said.
Countries facing "more severe" effects are those where the ratio of remittances to gross domestic product and remittances per capita are high, such as Tonga, Samoa and other Pacific nations, he said.
Georgia, Kyrgyzstan and Tajikistan, which send large numbers of seasonal and long-term migrants, mainly to Russia and Europe, will also be hit hard, along with Nepal and the Philippines, according to the report.
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