Instability in Mexico and Latin America drove a wave of migrant workers to send a record amount of remittances to their home countries in 2019. Mexico’s Central Bank reported that Mexican migrants working overseas sent home a record-high $36 billion in remittances in 2019, a 7 percent increase from 2018.
According to a study from the Inter-American Dialogue, between 2016 and 2017, remittances to Mexico increased by 12 percent, a sharp rise from previous years.
Mamdani breaks with Adams, vows NYC will stop clearing homeless encampments in January
Arkansas county jail becomes major ICE pipeline as arrests surge under Trump crackdown
Mamdani says NYPD commissioner apologized after her brother called him ‘enemy’ of the Jewish people at gala
Harvard professor detained by ICE after Boston synagogue shooting, agrees to voluntarily leave US
Democrats’ anger at federal government hit record high just days before shutdown: Pew poll
DHS arrests dozens of illegal immigrants within 24 hours of launching New Orleans operation
Breaking: DC Pipe Bomb Suspect’s Family Has History of Working to Free Illegals from ICE, Sued the Trump Admin, And Used Trayvon Martin’s Lawyer to Fight So-Called Racism
Washington DC lights the National Christmas Tree
Ex–New York State official accused of spying for China called Hochul ‘more obedient’ than Cuomo, trial reveals
US carries out 22nd strike on alleged drug vessel operated by a Designated Terrorist Organization
‘I Didn’t Stutter’: Stephen A. Smith and Sunny Hostin Clash on ‘The View’ Over Video Urging Troops to Ignore Trump
Absolute Tragedy: U.S. Marine Dies After Horrific Camp Pendleton Accident
Suspected thieves caught on camera smashing Washington state storefront with truck in ATM heist attempt
Blue State’s Dems Steamroll Redistricting Change That All But Erases Its GOP from Congress
Watch: Audience Gasps as Halle Berry Goes Scorched-Earth on Gavin Newsom During Speech
From foreign tourism, Mexico receives about $25 billion while only $22.4 billion in annual petroleum exports.
Mexico’s poverty rate remains high despite its openness to the international economic system. The poverty rate stands at 41.9 percent as of 2018 according to the International Monetary Fund. People working in the subsistence farming or informal sector of the economy are among Mexico’s poorest citizens and are especially reliant on remittances from the U.S. to pay for basic essential needs.
Remittance flows could remain high with Mexico’s economy projected to remain sluggish. The International Monetary Fund predicts meager economic growth for Mexico at 1 percent in 2020. Mexico’s 2019 third-quarter growth remained stagnant as well.
The rise in remittances from the United States to Mexico is happening alongside an overall downside trajectory in immigration from Mexican migrants to the U.S.
Across the wider Latin America region, remittances grew by 4.7 percent in 2019, according to a study published by Manuel Orozco, director of the Migration, Remittances, and Development Program at the Inter-American Dialogue.
Mamdani breaks with Adams, vows NYC will stop clearing homeless encampments in January
Arkansas county jail becomes major ICE pipeline as arrests surge under Trump crackdown
Mamdani says NYPD commissioner apologized after her brother called him ‘enemy’ of the Jewish people at gala
Harvard professor detained by ICE after Boston synagogue shooting, agrees to voluntarily leave US
Democrats’ anger at federal government hit record high just days before shutdown: Pew poll
DHS arrests dozens of illegal immigrants within 24 hours of launching New Orleans operation
Breaking: DC Pipe Bomb Suspect’s Family Has History of Working to Free Illegals from ICE, Sued the Trump Admin, And Used Trayvon Martin’s Lawyer to Fight So-Called Racism
Washington DC lights the National Christmas Tree
Ex–New York State official accused of spying for China called Hochul ‘more obedient’ than Cuomo, trial reveals
US carries out 22nd strike on alleged drug vessel operated by a Designated Terrorist Organization
‘I Didn’t Stutter’: Stephen A. Smith and Sunny Hostin Clash on ‘The View’ Over Video Urging Troops to Ignore Trump
Absolute Tragedy: U.S. Marine Dies After Horrific Camp Pendleton Accident
Suspected thieves caught on camera smashing Washington state storefront with truck in ATM heist attempt
Blue State’s Dems Steamroll Redistricting Change That All But Erases Its GOP from Congress
Watch: Audience Gasps as Halle Berry Goes Scorched-Earth on Gavin Newsom During Speech
Mass protests and civil unrest across Central and Latin America were a primary factor in the rise of remittances. Although there are many diverse motivations for the movements that spread across Latin America, there are some similarities shared. People in Ecuador, Peru, Chile, Bolivia, and Colombia rose up in protest against political corruption and ineptitude, and the respective governments’ overall lack of responsiveness in dealing with social services.
According to global trends, remittance flows were down slightly in the fourth quarter of 2019 and was 6.8 percent. The global average for remittance transfers has remained below 8 percent since 2014, according to the World Bank.
Story cited here.
