World Bank says Ukraine war slowing global remittances growth
>> Reuters
Published: 11 May 2022 08:38 PM BdST Updated: 11 May 2022 08:38 PM BdST
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Philippine Peso bills sent by a Filipino working abroad are pictured being received by a relative at a money remittance center in Makati City, Metro Manila, Philippines, September 19, 2018. Reuters
The war in Ukraine will help slow the growth of officially recorded remittance flows to low- and middle-income countries to an estimated 4.2 percent this year from a strong 8.6 percent rebound in 2021, the World Bank said on Wednesday.
The World Bank said in its latest Migration and Development Brief that it expects remittances to Ukraine, the largest recipient in Europe and Central Asia, to rise by over 20 percent in 2022, but remittance flows to many Central Asian countries, will likely fall dramatically. Russia, hit with crippling sanctions by Western countries over its invasion of Ukraine, is the main source of remittances to Central Asia.
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