ADB: Global remittances to rebound

Global remittances declined 2.3% in 2020, according to estimates by ADB economists. ADB logo HQ

MANILA: Global remittances will likely grow by US$34bil (RM142bil) this year and about US$31bil (RM129bil) in 2022, reversing last year’s decline, as economies recover from the impact of the coronavirus pandemic, according to the Asian Development Bank (ADB).

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.