The money Mexicans abroad send back home to their relatives is expected to top $50 billion, which would surpass almost all other sources of foreign income.
The money Mexicans abroad send back home to their relatives are expected to top $50 billion, which would surpass almost all other sources of foreign income.
In many rural places such as Comachuén, Michoacán, every store, business and family depends on remittances. For the first 11 months of 2021, remittances grew by almost 27%. Mexico is now the third largest receiver of remittances in the world, behind only India and China, and Mexico now accounts for about 6.1% of world remittances, according to a government report.
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. While people in Comachuén report using their money to educate their children and build up businesses, research shows the vast majority of remittances are used for subsistence needs — buying more food or medicine, or much-needed household appliances like refrigerators that will save families on food costs in the long run.There is also a strange dichotomy: The largest flows of remittances go to Mexico’s most violence-plagued states, like Guanajuato, Zacatecas, Jalisco and Michoacán.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mexico's Remittances Pass $50 Billion, Surge During PandemicMexico’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.
Read more »
How the COVID-19 pandemic might age usInfectious disease, loneliness and stress can affect cellular ageing, making us less healthy and shortening lifespans.
Read more »
Omicron Could Be the Beginning of the End of the PandemicOmicron is less virulent and more infectious than previous COVID-19 variants, giving experts hope it could be the pandemic's last stand
Read more »
Study shows 3 out of 4 Americans believe or unsure about at least one false COVID-19 statementA recent report shows 3 out of every 4 Americans either believe or aren’t sure about at least one of eight popular false statements surrounding the COVID-19 pandemic.
Read more »
Covid-19 news: Infections in England remain at ‘extremely high’ levelToday’s covid-19 news: · Infections in England remain at very high levels as cases rise in children · 98 per cent of UK adults have antibodies to virus that causes covid-19 · Two studies identify markers that may predict long covid
Read more »