Global remittances growth to slow by Ukraine war
The Russia's invasion of Ukraine will help slow the growth of officially recorded remittance flows to the low and middle-income countries to an estimated 4.2% this year from a strong 8.6% rebound in 2021_ the World Bank said on Wednesday.
The World Bank said in its latest Migration and Development Brief that the Washington based global lender expects remittances to Ukraine_ the largest recipient in Europe and Central Asia_ to rise by more than 20% per cent in the current year_ but remittance flows to many Central Asian nations_ will likely fall dramatically.
Russia_ hit with series of economic sanctions by the United States_ the European Union and its allies over invasion of Ukraine_ is the main source of remittances to Central Asia_ which is highly affected due to the war.
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