ADB sees Asia Pacific remittances up 6.7% in 2021, 5.9% in 2022 By Reuters

2/2
ADB sees Asia Pacific remittances up 6.7% in 2021, 5.9% in 2022
© Reuters. FILE PHOTO: Customers receive money from families working abroad at a money remittance center in Makati City, Metro Manila, Philippines, September 19, 2018. REUTERS/Eloisa Lopez

2/2

MANILA (Reuters) – Remittances to the Asia Pacific region from citizens working abroad could grow 6.7% this year and 5.9% next year, after a 2% slump in 2020, underpinned by further easing of COVID-19 curbs in advanced economies, the Asian Development Bank said.

In absolute terms, remittances to the region were expected to rise by $21.2 billion this year and $19.8 billion next year, the Manila-based lender said in a report published on Tuesday.

Inflows to the region last year reached $314 billion, the ADB said.

On average, the Asia Pacific region was estimated to account for about 63.4% of the total increase in global remittances in 2021 and 2022, the ADB said.

It said worldwide remittance receipts could increase by 4.8%, or $34 billion, in 2021 and by 4.2%, or $30.7 billion, in 2022.

About 60% of the remittance inflows to the Asia-Pacific region would likely come from the United Kingdom, United States and the European Union, while nearly 30% would be from the Middle East, it said.

The ADB has trimmed its growth forecasts for developing Asia – a group of 45 countries in the Asia-Pacific region – for this year and next to reflect risks and uncertainty brought on by the Omicron coronavirus variant.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published.