REUTERS
Ukraine is retracing the path of other Eastern European states, which also underwent a large-scale labor migration of their citizens, the official says.
Chairman of the Council of the National Bank of Ukraine (NBU), Bohdan Danylyshyn, says private money transfers to Ukraine from Ukraine's labor migrants in January-May 2018 grew by 30% year-over-year (y-o-y) to US$4.5 billion.
Among the positive consequences of labor migration there is lower rates of unemployment, underemployment, and poverty, as well as higher incomes and welfare of Ukrainians, the official wrote on Facebook.
At the same time, in the long-run, the number of the able-bodied population, educated youths, and qualified specialists will be decreasing, while the pressure on public finances will be growing, he added.
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According to the official, Ukraine is retracing the path of other Eastern European states, which also experienced a large-scale outbound migration, where Poles, Latvians and Lithuanians were mainly moving to Great Britain and Ireland, Estonians settled in Finland, while Romanians chose Italy and Spain.
As UNIAN reported earlier, private money transfers to Ukraine in 2017 were estimated at $9.3 billion, which was 24% up from 2016.
The National Bank says Ukraine may receive $11.6 billion in remittances from labor migrants this year.