Asia-Pacific May See $31.4-54.3 BN Remittance Losses Due to COVID-19: ADB

Source: Yahoo News

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of $31.4-54.3 billion due to the coronavirus pandemic, the Asian Development Bank (ADB) said in a report. The governments need to come up with policy measures to reduce the economic and social fallout arising out of it, the ADB said.

Job losses stemming from COVID-19 are hurting households around the world, but for Asia and the Pacific's 91 million migrant workers — a third of the global migrant workforce — the impacts will be particularly severe, the ADB said in August 2020 brief on 'COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia.