PERSONAL REMITTANCES IN THE EAEU MEMBER COUNTRIES AND THE MAIN PLAYERS OF OTHER REGIONAL ECONOMIC ASSOCIATIONS

Abstract

At the turn of the 20th and 21st centuries, the global economy has acquired a new powerful development factor in the form of private remittances due to international labor migration, mainly from developing countries. Remittances represent an important source of external financing for households, particularly in developing countries, and thus can measure the economic contribution of large industrialized countries to poorer countries in terms of financial flows, and the dependence of poorer countries on this kind income. In some countries of the EAEU, economic growth as well as advances in poverty reduction are closely intertwined with trends in the dynamics of migration and remittances from abroad. In order to identify the role of remittances in the EAEU countries, as well as in the main countries of other regional economic associations, the article analyzes the dynamics of transfers and their impact on the economies of countries.