Source: Kyiv Post
Ukraine has become a leader in receiving money from its citizens living and working in Europe, according to the latest report “Sending Money Home: European flows and markets,” according to a report based on World Bank data. TheInternational Fund for Agricultural Developmentreport, publishedon June 15, showsthat migrants who live in Europe sent back to their home countries$109.4 billion in remittances last year.
The 19 main remittance-receiving countries are in Europe, led by Ukraine, Poland and Romania.
Accordingto the National Bank of Ukraine, the highest totals came from Russia, from where more than $3 billion was sent, Germany and Greece. In 2013, remittances to Ukraine from Europe reached $8.5 billion.
But the figure has been relatively unchanged in recent years.
In 2012,the NBU said that Ukrainians who live and work abroad also sent $7.5 billion back home in 2012. At the time, an estimated three million Ukrainians were working abroad, a figure that may have increased considering Russia’s war against Ukraine and a recession.
Given Ukraine’s poor investment climate and the possibility that gross domestic product might sink to $100 billion this year, the money that Ukrainians send from abroad is a significant revenue source for Ukraine.