Money sent to Asia, where about a third of migrant workers worldwide come from, could fall by US$54.3 billion, or about a fifth of baseline remittances, the Manila-based lender said in the report released on Monday.
Remittances to Asia and the Pacific, which amounted to US$315 billion in 2019, help fuel the consumption-led growth for some of the region’s developing economies, including the Philippines.
“The COVID-19 pandemic is expected to hit remittances hard in Asia and the Pacific,” the ADB report said.
