Mexico’s remittances — the money migrants send home to their relatives — have soared in the past two years, and are now expected to top $50 billion for the first time. That would surpass almost all other sources of Mexico's foreign income.
On one hand, the spike was simply a matter of need, caused in part by the coronavirus pandemic. Mexico’s GDP shrank 8.5% in 2020, and while the economy recouped about 4.7% of that loss in the first three quarters of 2021, growth appears to have slowed and inflation spiked in the last quarter.
Ironically, part of that growth may have been fueled by a temporary decrease several years ago in the number of new Mexican migrants heading to the United States and a decline in the relative percentage of migrants without proper documents. A report by the Liberty Street Economics blog from the Federal Reserve Bank of New York said, “We find that about $24 billion went to U.S. residents born in Mexico, Central America, and the Dominican Republic in April through September” of 2020 when pandemic support payments began to flow under the CARES Act.
There is also a strange dichotomy: The largest flows of remittances go to Mexico’s most violence-plagued states, like Guanajuato, Zacatecas, Jalisco and Michoacan.
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