Uzbekistan has experienced a significant increase in remittances for the second year in a row, World Bank reports.
In 2022, cross-border transfers amounted to $16.9bn, which is more than double the previous year's figure. The percentage of remittances in relation to GDP also rose from 13% to 21%.
In the first four months of 2023, the inflow of transfers rose by 21% to $3.1bn, with Russia accounting for 87% of the total received.
Economists predict a 1% growth in remittances in Europe and Central Asia in 2023, primarily due to last year's high base.
While most countries in the region are expected to see a gradual normalization of cross-border flows, Armenia, Georgia, Kyrgyzstan, and Uzbekistan will continue to experience higher transfer volumes even in 2024.
According to Rosstat, the first quarter of 2023 saw a 72% increase in Uzbek migrants to Russia, totaling 630,000 people.
Uzbekistan is now the main source of labor migrants in Russia, with more than 1.45mn people arriving from the country in 2022, representing 42% of the total number of foreign workers.
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