MOLDOVA REGISTERS 3RD LARGEST SHARE OF REMITTANCES IN GDP IN EUROPE AND CENTRAL ASIA

In 2018 Moldova held the 3rd place in Europe and Central Asia in terms of remittances’ share in the country GDP – 16.1%.

According to the research “Migration and Remittances”, published by the World Bank (WB), labor migrants around the world transferred home the record US$529 billion in 2018, which is 9.6% more than in 2017. The main beneficiaries were residents of India, China, Mexico, Philippines and Egypt.

As for the region of Europe and Central Asia, here the leading positions are held by Ukraine - US$14.4 billion, Russia - US$8.6 billion, Poland - US$7.4 billion and Romania - US$5.2 billion.

In terms of remittances’ shares in the country GDP, the leaders are Kyrgyzstan – 33.6% and Tajikistan – 31%, Ukraine has 11.4%.

As Infotag has already reported, the volume of remittances to Moldova through banks to physical persons in 2018 accounted for US$1,266 million lei, growing US$66.87 million (5.6%) against 2017. The record rate or remittances to Moldova was achieved in 2008 - US$1.66 billion.