Ukraine war slowing global remittances growth: World Bank

Wednesday, 11 May 2022

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 per cent this year from a strong 8.6 per cent 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 per cent in 2022, but remittance flows to many Central Asian countries, will likely fall dramatically, reports Reuters.

Russia, hit with crippling sanctions by Western countries over its invasion of Ukraine, is the main source of remittances to Central Asia.