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Global Remittances May Fall by $109 Billion, ADB Economists Say

Global remittances could fall by as much as $108.6 billion in 2020 if it takes a year to contain the coronavirus pandemic and reopen economies, according to Asian Development Bank economists.

“Migrant workers are among the hardest hit groups, with many facing scant job security and limited access to social assistances,” ADB economists James Villafuerte and Aiko Kikkawa Takenaka wrote in a blog posted on the Manila-based lender’s website.