The World Bank does not expect a decline in cross-border transfers in 2023 and 2024.
The inflow of remittances to Uzbekistan has been growing for the second year, Spot reports referring to the World Bank report.
In 2022, cross-border transfers reached $16.9 billion, an increase of 2.1 times compared to the previous year. The ratio of remittances to GDP increased by more than 1.5 times, from 13% to 21%.
From January to April 2023, the inflow of transfers also increased by 21%, to $3.1 billion. About 87% of the amount received came from Russia.
Economists predict a 1% growth in remittances in Europe and Central Asia in 2023. In particular, this is due to the high base of last year.
In the future, in most countries of the region, a gradual normalization of cross-border flows will be observed. However, for Armenia, Georgia, Kyrgyzstan and Uzbekistan, the volume of transfers even in 2024 will remain above the pre-war level.
According to Rosstat, in the first quarter of this year, the flow of Uzbek migrants to Russia amounted to 630 thousand people, which is 72% more than the same period in 2022. Citizens of Uzbekistan account for up to half of the total number of foreign workers who arrived in the Russian Federation.
In 2022, Uzbekistan has become the main source of labor migrants for Russia. More than 1.45 million people came from the republic to Russia, which provided 42% of the total.
