ADB expects Asia Pacific shipments to grow by 6.7% in 2021 and 5.9% in 2022.
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© Reuters. FILE PHOTO: Customers receive money from working families abroad in Makati City, Metro Manila, Philippines, at a remittance center on September 19, 2018. REUTERS / Eloisa Lopez
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MANILA (Reuters) – Overseas employment of people working abroad in the Pacific region could increase by 6.7% this year and 5.9% next year, after a 2% decline in 2020, helped by further easing the reduction of COVID-19 in advanced economies. The Development Bank said.
In absolute terms, shipments to the region will increase by $ 21.2 billion this year and $ 19.8 billion next year, the Manila lender said in a report released Tuesday.
Revenues for the region reached $ 314 billion last year, the ADB said.
On average, ADB estimates that the Asia-Pacific region accounted for about 63.4% of the total growth in global shipments in 2021 and 2022.
He said worldwide revenue could increase by $ 4.8 billion or $ 34 billion in 2021 and $ 4.2 billion or $ 30.7 billion in 2022.
About 60 percent of shipments to the Asia-Pacific region would likely come from the United Kingdom, the United States and the European Union, and nearly 30 percent would come from the Middle East, he said.
ADB has reduced its development prospects for the development of Asia – a group of 45 countries in the Asia-Pacific region – this year and next to reflect the risks and uncertainty posed by the Omicron coronavirus variant.
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