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Migrant remittances to GDP ratio decreases in Kyrgyzstan

25 February 2024 09:00 (UTC+04:00)
Migrant remittances to GDP ratio decreases in Kyrgyzstan

Remittances from labor migrants remained close to 30 percent of GDP for most of the 2010s before falling markedly in 2022–2023. The macroeconomic review of the Eurasian Development Bank (EDB) says, Azernews reports, citing 24.kg news agency.

The bank’s economists believe that this happened not because of a reduction in the amount of transfers in dollars, but because of the rapid growth of the country’s GDP in dollar equivalent.

«The structure of the migration influx to Russia is changing: the share of citizens of Uzbekistan and Tajikistan is growing, and the share of citizens of the Kyrgyz Republic and Armenia is decreasing. The importance of remittances from individuals for the economies of Uzbekistan and Tajikistan increased in 2022–2023, while it decreased for Kyrgyzstan and Armenia,» the EDB notes.

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