18:42, June 24, 2010
As a result of the economic crisis, remittances in dollars have dropped to a third in CIS countries in 2009, as compared to 2008. The main reason behind this is considered to be the sharp decline in construction work in the Russian Federation, because it is this sector and this country that host most of the migrant workers from other CIS territories.
Sudharshan Canagarajah, a lead economist in the World Bank, presented the result of his study on migration, remittances and the socio-economic influence of the Diaspora. "Armenia has suffered significantly due to the drop in remittances from abroad. It is one of the countries that is closely integrated with the Russian economy, from the point of view of internal trade, capital flows and especially remittances," he said.
Migrants Suffer due to Economic Crisis