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Remittance inflows constitute significant share of Kyrgyzstan's GDP - WB

Kyrgyzstan Materials 20 May 2022 15:42 (UTC +04:00)
Remittance inflows constitute significant share of Kyrgyzstan's GDP - WB
Aygun Maherramova
Aygun Maherramova
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BAKU, Azerbaijan, May 20. Kyrgyzstan is one of the countries where remittances account for a very high share of the country’s GDP, Trend reports referring to the World Bank (WB).

According to WB, Kyrgyzstan's most important source of financing and economic growth are remittance inflows, which accounted for 33 percent of the country's GDP in 2021.

Near-term projections for remittances to the region, which are expected to fall by 1.6 percent in 2022, are highly uncertain, dependent on the scale of the situation in Ukraine.

Meanwhile, remittance inflows to Europe and Central Asia increased by 7.8 percent in 2021, reaching historic highs of $74 billion. The growth was due in large part to stronger economic activity in the European Union and rebounding energy prices.

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