Global remittances could drop as much as $108b in 2020
Global remittances could fall by as much as $108.6 billion in 2020 if it takes a year to contain the coronavirus pandemic and reopen economies, according to Asian Development Bank. "Migrant workers are among the hardest hit groups, with many facing scant job security and limited access to social assistances," ADB economists James Villafuerte and Aiko Kikkawa Takenaka wrote in a blog posted on the lender's website. Large-scale unemployment and wage reduction among migrant workers threaten households in Asia-Pacific, where remittance receipts may be cut by $54.3 billion this year.
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