Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Economic Indicators Dec 28, 2021 01:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Customers receive money from families working abroad at a money remittance center in Makati City, Metro Manila, Philippines, September 19, 2018. REUTERS/Eloisa Lopez 2/2

MANILA (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.

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

Related Articles

Ifo: German Business Confidence Slides in June
Ifo: German Business Confidence Slides in June By Investing.com - Jun 24, 2022

By Scott Kanowsky  Investing.com -- German business confidence slumped by more than expected in June, dragged lower by "considerably" more pessimism for the second half of the year...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email