ADB sees pandemic slashing global remittances by over US$100b

MANILA: Remittances across the world could decline by US$108.6bil 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 US$54.3bil, or about a fifth of baseline remittances, the Manila-based lender said in the report released yesterday.