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ADB sees Asia Pacific remittances up 6.7% in 2021, 5.9% in 2022 -Breaking

by Mike Robinson

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MANILA (Reuters). Despite a 2% decline in 2020, remittances from the Asia Pacific region by citizens who work abroad may grow 6.7% and 5.9% this year respectively, according to the Asian Development Bank. This was due to an increase in COVID-19 restrictions in advanced economies.

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 https://www.adb.org/sites/default/files/publication/761401/adb-brief-204-labor-mobility-remittances-asia-pacific-covid-19.pdf published on Tuesday.

According to ADB, $314 billion was poured into the region in the last year.

According to the ADB, Asia Pacific was responsible for 63.4% and 66.4% respectively of total global remittances growth between 2021-2122.

The report stated that worldwide remittances receipts could rise by 4.8% (or $34 billion) in 2021 and by 4.2% (30.7 billion) in 2022.

It stated that approximately 60% of the inflows into the Asia-Pacific region from remittances would come from the United Kingdom and United States, with nearly 30% coming from the Middle East.

The ADB has trimmed its growth forecasts https://www.reuters.com/markets/asia/adb-trims-developing-asias-growth-forecasts-over-omicron-risks-2021-12-14 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.

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