Uzbekistan’s remittances up 2.1 times year on year to $16.9bn in 2022 says World Bank

By Muzaffar Ismailov in Tashkent June 19, 2023

Cross-border remittances transferred to Uzbekistan grew 2.1 times year on year to $16.9bn in 2022, according to the World Bank.

Remittances as a percentage of GDP grew from 13% to 21%. That contrasts with Tajikistan (51% of GDP) and the Kyrgyz Republic (31%).

In 4M22, the inflow of money transfers to Uzbekistan expanded by 21% y/y to $3.1bn, the World Bank also noted. Around 87% of that total came from Russia.

Remittance flows to Europe and Central Asia expanded 19% to a record high of $79bn in 2022, according to a World Bank report released last week.

Officially recorded remittance flows to low- and middle-income countries (LMICs) worldwide are expected to move up by 1.4% to $656bn in 2023 as economic activity in remittance-source countries is set to soften, limiting employment and wage gains for migrants, according to the World Bank’s latest Migration and Development Brief.

Uzbekistan, Armenia, Georgia and Kyrgyzstan are among countries that can expect their remittance volume to stay above the pre Ukraine-war level even in 2024, the international financial institution also noted.

According to Russia’s Rosstat, in 1Q23, 630,000 Uzbek migrants arrived in Russia, up 72% y/y. Uzbek citizens account for up to half of the foreign workforce in the Russian Federation.

#Uzbekistan #Remittances #WorldBank #Migrants #Labour #Workforce #GDP

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