REUTERS
Ukraine is Europe's largest recipient of such money transfers.
Ukrainians working abroad transferred some $15.8 billion to Ukraine in 2019, a World Bank study says.
This figure amounted to 10.5% of Ukraine's GDP (ranking eighth in Europe and Central Asia last year).
Read alsoOver 140,000 Ukrainian migrant workers leave Poland for Ukraine over COVID-19
According to the World Bank, Ukraine is the largest recipient of such financial transfers in Europe.
The World Bank predicts that in 2020, remittance inflows from labor migrants to Europe and Central Asia will fall by 28% due to the negative impact of the coronavirus pandemic.
As UNIAN reported earlier, referring to Ukraine's central bank, the volume of private money transfers to Ukraine in 2019 through official and informal channels amounted to the equivalent of almost UAH 12 billion, which is 10% more than the previous year.
This year, the National Bank expects a $0.5-1 billion decline in remittances to Ukraine from labor migrants as a result of the coronavirus lockdowns.
In 2020, the World Bank predicts the largest reduction in international remittances from labor migrants – by about 20%, related to the economic crisis caused by the coronavirus pandemic.