“Ukraine, the region’s largest remittance recipient, received a new record of more than $14 billion in 2018, up about 19 percent over 2017. This surge in Ukraine also reflects a revised methodology for estimating incoming remittances, as well as growth in neighboring countries’ demand for migrant workers,” reads the message.
Such increase is explained by a revised methodology of estimation of remittances and by the demand of migrant workers in neighboring states.
In 2018, remittances to the countries with low and middle income reached a record level.
“The Bank estimates that officially recorded annual remittance flows to low- and middle-income countries reached $529 billion in 2018, an increase of 9.6 percent over the previous record high of $483 billion in 2017. Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017,” the message reports.
Money flows reached $689 billion in 2018 compared with $633 billion in 2017.
As it was reported, $2,3 billion were transferred to Ukraine, $294 million were transferred from Ukraine.