Ukraine will lose $ 2 billion in 2020: details

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Ukraine may lose more than $ 2 billion this year

In 2020, the amount of transfers from labor migrants will decrease – National Bank

The National Bank expects in 2020 to reduce the remittance of labor migrants from abroad to Ukraine – $ 12.7 to $ 10.1 billion. This was stated in the regulator’s latest inflation report.

Among the main factors in reducing the amount of transfers, the National Bank called for a decrease in the number of migrants and a slowdown in the economies of other countries, most notably in Poland.


From the report of the National Bank of Ukraine

The National Bank noted a reduction in wages, complete or partial loss of work and deteriorating working conditions for Ukrainians who remained abroad. According to the NBU, a similar trend has been observed in Poland, the Czech Republic, Russia and other countries. Losses from forced transition to part-time employment or permanent job losses are estimated at $ 1.2 billion, with labor migrants’ losses estimated at $ 0.8 billion.

The report noted that the regulator expects the negative impact of the crisis to be uneven in quarters: “The biggest reduction in transfers is expected in the second quarter with a gradual decrease before the end of the year.”

The NBU also notes that the total number of labor migrants returning to Ukraine during the quarantine period is 10%.


From the report of the National Bank of Ukraine

At the same time, the reduction in remittances from labor migrants would be “substantially compensated” by a reduction in expenses for Ukrainians traveling abroad, the regulatory report.

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Earlier we wrote that the Cabinet has called an unexpected plus quarantine. Ukraine’s Prime Minister Denis Shimgal said that according to the government’s estimate, Ukrainians’ spending on foreign trips would decrease by $ 5 billion during 2020. Savings are possible due to quarantine and closed borders.

According to Shimgal, the reduction in expenses on foreign travel should compensate for a significant labor shortage for Ukrainian immigrants, who previously sent foreign currency from abroad, but returned home in the last one month.

Read:
Working during an epidemic: how coronoviruses affect residents of different countries
How to transfer money from card to card: List of Ukrainian services
How to transfer money from Russia to Ukraine: reliable methods


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