First modification:
Dependency also grows. Mexican families received another record of foreign remittances in 2021, mostly from the United States, which reflects the economic dependence of the Aztec country, as well as the economic growth of its neighbor to the north.
According to the Bank of Mexico, in 2021, 51,594 million dollars were received in remittances, which represents an annual increase of 27.1% compared to the 40,605 million dollars that were also a record in 2020.
“Remittances have already become the country’s second source of dollar income, which is no small thing. They have already surpassed direct foreign investment or income from tourism,” Janneth Quiroz, deputy director of Economic Analysis at Monex, told EFE. Financial group.
And the trend continues to rise. Only last December, remittances grew to 4,760 million dollars, 30.4% more than in the same month of 2020, which has an impact on the local economy.
“The increase in the flow of remittances in 2021 compared to 2020 was 10,989.4 million dollars, more than double the increase in any previous year. The highest prior to this year was 5,324.2 million dollars in 2003, when they came to represent 2.08% of GDP,” said Jonathan Heath, deputy governor of Banxico.
In 2010, remittances represented 2% of the Gross Domestic Product and in 2020 it went on to represent 3.8%, according to the Government. Between 2010 and 2020 alone, the percentage of households in Mexico that received remittances increased from 3.6% to 5.1%.
Globally, Mexico is the third recipient of remittances in the world, followed by India and China. The money he receives in remittances now represents around 6.1% of the global figure.
For its part, BBVA Research in Mexico assured that “throughout 2021 there has been a drop in unemployment rates among Mexicans living in the United States, which improved their economic conditions and their ability to send remittances to their relatives. in Mexico”.
Another factor, according to the authorities, was “the partial closure of the border between Mexico and the United States during the Covid-19 pandemic caused many people who work on the US side and live in Mexico to stay to live and work in Mexico. U.S”.
An essential injection for the Mexican economy
Mexico’s GDP contracted by 8.5% in 2020, and despite the 5% rebound in 2021, the last two quarters of the year reflected a slight contraction that places the country in a technical recession.
The president of Mexico, Andrés Manuel López Obrador, previously thanked the 38 million Mexicans who send remittances from the United States, and even called them “heroes” for helping some 10 million poor families with their remittances.
“What they just gave us last year, 52,000 million dollars that they sent to their relatives, is the main source of income that our country has. The people of Mexico are a hard-working people and the migrants are very hard-working”, commented the President.
But Gabriela Siller, an analyst at Banco BASE, added that “remittances cannot be considered an achievement of the Mexican economy, because they do not originate here,” while adding that “it is considered that the high growth of remittances is related to the slow growth in Mexico and the lack of job opportunities, which forces relatives from abroad to send remittances”.
With EFE and AP
First modification:
Dependency also grows. Mexican families received another record of foreign remittances in 2021, mostly from the United States, which reflects the economic dependence of the Aztec country, as well as the economic growth of its neighbor to the north.
According to the Bank of Mexico, in 2021, 51,594 million dollars were received in remittances, which represents an annual increase of 27.1% compared to the 40,605 million dollars that were also a record in 2020.
“Remittances have already become the country’s second source of dollar income, which is no small thing. They have already surpassed direct foreign investment or income from tourism,” Janneth Quiroz, deputy director of Economic Analysis at Monex, told EFE. Financial group.
And the trend continues to rise. Only last December, remittances grew to 4,760 million dollars, 30.4% more than in the same month of 2020, which has an impact on the local economy.
“The increase in the flow of remittances in 2021 compared to 2020 was 10,989.4 million dollars, more than double the increase in any previous year. The highest prior to this year was 5,324.2 million dollars in 2003, when they came to represent 2.08% of GDP,” said Jonathan Heath, deputy governor of Banxico.
In 2010, remittances represented 2% of the Gross Domestic Product and in 2020 it went on to represent 3.8%, according to the Government. Between 2010 and 2020 alone, the percentage of households in Mexico that received remittances increased from 3.6% to 5.1%.
Globally, Mexico is the third recipient of remittances in the world, followed by India and China. The money he receives in remittances now represents around 6.1% of the global figure.
For its part, BBVA Research in Mexico assured that “throughout 2021 there has been a drop in unemployment rates among Mexicans living in the United States, which improved their economic conditions and their ability to send remittances to their relatives. in Mexico”.
Another factor, according to the authorities, was “the partial closure of the border between Mexico and the United States during the Covid-19 pandemic caused many people who work on the US side and live in Mexico to stay to live and work in Mexico. U.S”.
An essential injection for the Mexican economy
Mexico’s GDP contracted by 8.5% in 2020, and despite the 5% rebound in 2021, the last two quarters of the year reflected a slight contraction that places the country in a technical recession.
The president of Mexico, Andrés Manuel López Obrador, previously thanked the 38 million Mexicans who send remittances from the United States, and even called them “heroes” for helping some 10 million poor families with their remittances.
“What they just gave us last year, 52,000 million dollars that they sent to their relatives, is the main source of income that our country has. The people of Mexico are a hard-working people and the migrants are very hard-working”, commented the President.
But Gabriela Siller, an analyst at Banco BASE, added that “remittances cannot be considered an achievement of the Mexican economy, because they do not originate here,” while adding that “it is considered that the high growth of remittances is related to the slow growth in Mexico and the lack of job opportunities, which forces relatives from abroad to send remittances”.
With EFE and AP
First modification:
Dependency also grows. Mexican families received another record of foreign remittances in 2021, mostly from the United States, which reflects the economic dependence of the Aztec country, as well as the economic growth of its neighbor to the north.
According to the Bank of Mexico, in 2021, 51,594 million dollars were received in remittances, which represents an annual increase of 27.1% compared to the 40,605 million dollars that were also a record in 2020.
“Remittances have already become the country’s second source of dollar income, which is no small thing. They have already surpassed direct foreign investment or income from tourism,” Janneth Quiroz, deputy director of Economic Analysis at Monex, told EFE. Financial group.
And the trend continues to rise. Only last December, remittances grew to 4,760 million dollars, 30.4% more than in the same month of 2020, which has an impact on the local economy.
“The increase in the flow of remittances in 2021 compared to 2020 was 10,989.4 million dollars, more than double the increase in any previous year. The highest prior to this year was 5,324.2 million dollars in 2003, when they came to represent 2.08% of GDP,” said Jonathan Heath, deputy governor of Banxico.
In 2010, remittances represented 2% of the Gross Domestic Product and in 2020 it went on to represent 3.8%, according to the Government. Between 2010 and 2020 alone, the percentage of households in Mexico that received remittances increased from 3.6% to 5.1%.
Globally, Mexico is the third recipient of remittances in the world, followed by India and China. The money he receives in remittances now represents around 6.1% of the global figure.
For its part, BBVA Research in Mexico assured that “throughout 2021 there has been a drop in unemployment rates among Mexicans living in the United States, which improved their economic conditions and their ability to send remittances to their relatives. in Mexico”.
Another factor, according to the authorities, was “the partial closure of the border between Mexico and the United States during the Covid-19 pandemic caused many people who work on the US side and live in Mexico to stay to live and work in Mexico. U.S”.
An essential injection for the Mexican economy
Mexico’s GDP contracted by 8.5% in 2020, and despite the 5% rebound in 2021, the last two quarters of the year reflected a slight contraction that places the country in a technical recession.
The president of Mexico, Andrés Manuel López Obrador, previously thanked the 38 million Mexicans who send remittances from the United States, and even called them “heroes” for helping some 10 million poor families with their remittances.
“What they just gave us last year, 52,000 million dollars that they sent to their relatives, is the main source of income that our country has. The people of Mexico are a hard-working people and the migrants are very hard-working”, commented the President.
But Gabriela Siller, an analyst at Banco BASE, added that “remittances cannot be considered an achievement of the Mexican economy, because they do not originate here,” while adding that “it is considered that the high growth of remittances is related to the slow growth in Mexico and the lack of job opportunities, which forces relatives from abroad to send remittances”.
With EFE and AP
First modification:
Dependency also grows. Mexican families received another record of foreign remittances in 2021, mostly from the United States, which reflects the economic dependence of the Aztec country, as well as the economic growth of its neighbor to the north.
According to the Bank of Mexico, in 2021, 51,594 million dollars were received in remittances, which represents an annual increase of 27.1% compared to the 40,605 million dollars that were also a record in 2020.
“Remittances have already become the country’s second source of dollar income, which is no small thing. They have already surpassed direct foreign investment or income from tourism,” Janneth Quiroz, deputy director of Economic Analysis at Monex, told EFE. Financial group.
And the trend continues to rise. Only last December, remittances grew to 4,760 million dollars, 30.4% more than in the same month of 2020, which has an impact on the local economy.
“The increase in the flow of remittances in 2021 compared to 2020 was 10,989.4 million dollars, more than double the increase in any previous year. The highest prior to this year was 5,324.2 million dollars in 2003, when they came to represent 2.08% of GDP,” said Jonathan Heath, deputy governor of Banxico.
In 2010, remittances represented 2% of the Gross Domestic Product and in 2020 it went on to represent 3.8%, according to the Government. Between 2010 and 2020 alone, the percentage of households in Mexico that received remittances increased from 3.6% to 5.1%.
Globally, Mexico is the third recipient of remittances in the world, followed by India and China. The money he receives in remittances now represents around 6.1% of the global figure.
For its part, BBVA Research in Mexico assured that “throughout 2021 there has been a drop in unemployment rates among Mexicans living in the United States, which improved their economic conditions and their ability to send remittances to their relatives. in Mexico”.
Another factor, according to the authorities, was “the partial closure of the border between Mexico and the United States during the Covid-19 pandemic caused many people who work on the US side and live in Mexico to stay to live and work in Mexico. U.S”.
An essential injection for the Mexican economy
Mexico’s GDP contracted by 8.5% in 2020, and despite the 5% rebound in 2021, the last two quarters of the year reflected a slight contraction that places the country in a technical recession.
The president of Mexico, Andrés Manuel López Obrador, previously thanked the 38 million Mexicans who send remittances from the United States, and even called them “heroes” for helping some 10 million poor families with their remittances.
“What they just gave us last year, 52,000 million dollars that they sent to their relatives, is the main source of income that our country has. The people of Mexico are a hard-working people and the migrants are very hard-working”, commented the President.
But Gabriela Siller, an analyst at Banco BASE, added that “remittances cannot be considered an achievement of the Mexican economy, because they do not originate here,” while adding that “it is considered that the high growth of remittances is related to the slow growth in Mexico and the lack of job opportunities, which forces relatives from abroad to send remittances”.
With EFE and AP