ADB sees coronavirus slashing 2020 global remittances by over $100 bn

Remittances across the world could decline by $108.6 billion this year as job losses mount and employers trim payrolls amid a Covid-19 pandemic that has devastated economies, according to a report by the Asian Development Bank.

Money sent to Asia, where about a third of migrant workers worldwide come from, could fall by $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 $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