World Bank says Ukraine war slowing global remittances growth
WASHINGTON, May 11 (Reuters) - The war in Ukraine will help slow the growth of officially recorded remittance flows to low- and middle-income countries to an estimated 4.2% this year from a strong 8.6% rebound in 2021, the World Bank said on Wednesday.
The World Bank said in its latest Migration and Development Brief that it expects remittances to Ukraine, the largest recipient in Europe and Central Asia, to rise by over 20% in 2022, but remittance flows to many Central Asian countries, will likely fall dramatically. Russia, hit with crippling sanctions by Western countries over its invasion of Ukraine, is the main source of remittances to Central Asia. (Reporting by David Lawder; Editing by Mark Porter)
