Economies of Kyrgyzstan, Tajikistan and Armenia will get additional stimulus from the growth of remittances. The head of the Country Analysis Center of the Eurasian Development Bank Alexey Kuznetsov said at the presentation of the bank’s macroeconomic review.
According to him, an increase in remittances will stimulate consumer demand and therefore become an important factor in GDP growth. An increase in the volume of transfers has already been registered since the beginning of this year. So, in Kyrgyzstan, following the results of January 2021, there is an increase of 5.5 percent compared to last year, in Armenia — by 10.5 percent. The volume of remittances has already grown by 13.9 percent in Tajikistan. This is due to the fact that last year the indicator decreased much more than in Armenia and Kyrgyzstan.
The contribution of remittances to the growth of the Kyrgyz economy is estimated at 0.8 percent.
«We have already lived through the first quarter of 2021. And there are still restrictions on air traffic between countries and other restrictive measures that hinder restoration of labor migration. Nevertheless, the economies will receive significant support,» Alexey Kuznetsov said.
