Mideast remittances to Asia to fall $22.5bn in 2020Christian Fernsby ▼ | August 4, 2020
Remittances from the Middle East to Asia are expected to fall by $22.5 billion during 2020, accounting for 41.4% of the total remittance loss in Asia, said the Asian Development Bank in a new report.
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The fall in remittances from the EU and the UK accounts for 6.3% of the total, or $3.4 billion. The decline from the Russian Federation amounts to $2.1 billion, of which $2 billion reflects the decline in remittances going to Central Asia.
Based on a worst case scenario, where the coronavirus economic impact persists throughout the year and dissipates halfway in the last three months of the outbreak, global remittances will fall by $108.6 billion in 2020.
This is equivalent to an 18.3% decline from what would have been expected without the impact of coronavirus. Remittance receipts in Asia and the Pacific would fall by $54.3 billion, equivalent to 19.8% of remittances in 2018. ■