Asia-Pacific may see up to $54.3-bn remittance loss due to Covid-19: ADB

The ADB said that employment in host economies of Asian migrants is contracting significantly

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of USD 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