Page 13 - Ukraine OUTLOOK 2023

Ukrainians abroad stimulate the economies of other countries.
Spending by Ukrainians abroad in 2022 will reach $2bn per month,
which is three times more than the previous year and a drain on the
country’s hard currency reserves, the head of the National Bank, Andriy
Pishnyi, said in December.

According to Pishnyi, because of spending and employment of
Ukrainian citizens abroad, the European economy enjoys a positive
fiscal effect and a long-term positive impact. Due to contributions from
Ukrainian migrants, GDP in, for example, Estonia, Poland and the
Czech Republic in 2026 will be 2.2-2.3% higher than models without
migration.

The NBU has taken the decision not to limit the foreign withdrawals as
Ukrainian refugees struggle to survive while out of the country.

Pre-war Ukrainians working abroad used to send home between
$10bn-$14bn a year in remittances.

Since the beginning of the war, Ukrainians in Poland have paid
PLZ10bn ($2.4bn) in taxes, which significantly exceeds the amount of
aid provided, said the head of NBU. The bank considers fears and
pessimistic forecasts regarding the negative impact of the multi-million
person flow of migrants from Ukraine unfounded, as they do not
consider the beneficial financial impact of the Ukrainian people.

13 UKRAINE OUTLOOK 2022 www.intellinews.com