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ADB Sees Asia Pacific Remittances Up 6.7% in 2021

Remittances to the Asia Pacific region from citizens working abroad could grow 6.7% to $335 billion this year and 5.9% next year, after a 2% slump in 2020, the Asian Development Bank said

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Customers receive money from families working abroad at a money remittance centre in Makati City, in Manila, Philippines, on Sept 19, 2018. Photo: Eloisa Lopez, Reuters.

 

Remittances to the Asia Pacific region from citizens working abroad could grow 6.7% this year and 5.9% next year, after a 2% slump in 2020, underpinned by further easing of Covid-19 curbs in advanced economies, the Asian Development Bank said.

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 published on Tuesday.

Inflows to the region last year reached $314 billion, the ADB said.

On average, the Asia Pacific region was estimated to account for about 63.4% of the total increase in global remittances in 2021 and 2022, the ADB said.

It said worldwide remittance receipts could increase by 4.8%, or $34 billion, in 2021 and by 4.2%, or $30.7 billion, in 2022.

About 60% of the remittance inflows to the Asia-Pacific region would likely come from the United Kingdom, United States and the European Union, while nearly 30% would be from the Middle East, it said.

The ADB has trimmed its growth forecasts 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.

 

• Reuters with additional editing by Jim Pollard

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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