Global remittances are heading for the worst slump in recent history, with the steepest fall forecast for the Europe and Central Asia region, says a World Bank study.
The stop-shock caused by the coronavirus (COVID-19) pandemic has brought economies around the world to a screeching halt. 85 countires have turned to the IMF, the lender of last resort, for help
Pandemic a “severe disruption” to Uzbekistan’s transition to a market economy. Kyrgyzstan vulnerable to Russian slowdown. Tajikistan’s economy grew by 7.5% last year, but can now expect only 1.7% or lower this year.
The global crisis has caused an all-time record $83bn to flee emerging markets, but for the poorest countries the problem is not investors making for the door – but the sudden halt to the cash their migrant workers send home.
Development bank looks at the resilience of states in the region to falling commodity prices, value chain disruption, declines in tourism and domestic disruption.