PERSONAL REMITTANCES OF LABOR MIGRANTS TO UKRAINE: BENEFITS FOR THE COUNTRY

This paper is the continuation of a series of publications in recent years concerning Ukrainian migration abroad. This paper presents the results of research concerning the personal remittances sent to Ukraine from abroad during the period 1996-2016, using data from the World Bank. The paper also shows a comparison between personal remittances sent to Ukraine and the total Gross Domestic Product of Ukraine (data from Trading Economics) in the period from 2007 to 2016. The following stages of research were used: conducting a survey among ex-Ukrainian labor migrants and the children of current labor migrants in the Ternopil region of Ukraine about the effective use of personal remittances sent into the country from abroad; analysis of benefits for the socio-economic development of Ukraine gained from the personal remittances of Ukrainians; drawing conclusions about the importance of remittances for families of Ukrainian labor migrants, for the state and for the general socio-economic development of the country in general. Conclusions. The remittances of Ukrainian immigrants and the Ukrainian Diaspora from abroad to Ukraine are unquestionably important for the socio-economic development of the country, but these are only the transfers received through bank institutions, in fact, nobody knows the real amount of money transfers of immigrants to the country. The importance of the remittances for the families of the labor migrants is a very significant because sometimes they are the only source of survival for the families of the labor migrants. In these cases, the remittances enable the families of the labor migrants to survive in conditions of unemployment or low salaries at a time of high living expenses, or permit them to enjoy a higher standard of living in Ukraine. Ukrainians also use the remittances from abroad to buy or build houses for them and their families and educate children in universities. The importance of the remittances for the socio-economic development of Ukraine is also very high because they can be used as investments for the opening of small and medium-sized businesses in Ukraine. Thanks to the remittances from abroad, some of families of Ukrainian labor immigrants and ex-labor immigrants can open legal businesses in Ukraine or invest money in various projects for Ukraine, such as solar panels, with the aim of aiding the socio-economic development of Ukraine