• Hot topics
  • Global financial crisis and its impact on labor remittances

Global financial crisis and its impact on labor remittances

27.04.2009

Global financial crisis and its impact on labor remittances

There has been an active discussion in the media lately on the dramatic fall in remittances from labor migrants to the CIS countries. According to some, the remittances have reduced by 95% percent over the crisis period, and such conditions are deemed to have a dramatic social impact in the region, and particularly in Uzbekistan. Decreased remittances from labor migrants, mostly working in Russia and Kazakhstan, during the past several years have been growing steadily, and comprised approximately 10-15% of the GDP. However, it is expected that in 2009 due to recession in Russia and Kazakhstan the remittances will fall by at least 30%, which approximately equals to 1 billion USD.

To participate in the discussion of the hot topic please join CER expert blog.