According to the Asian Development Bank, the COVID-19 pandemic is leading to massive losses in remittances sent home by foreign workers, which could end up totaling some $110 billion by the end of the year, a nearly 20% decline from what was expected before the crisis. Total remittances hit a record $554 billion in 2019.
A June study by the UN had likewise forecast a drop of more than 20% for this year, and estimated that in 2019 there were some 272 million international migrants (up from 150 million in 2000). Nearly two-thirds of those migrants, 164 million people, are “labor migrants,” and 74% of them are of working age (20-64 years). In other words, people unable to find productive work in their own countries. The money sent back home by those 270 million-plus migrants supports an estimated 800 million people, who often need those funds to cover the basics of life: food, water, health care, and education.
