Remittances to Mexico Will Remain Flat in 2013; Is US Crisis Hurting Mexican Economy? Patricia Rey Mallen - IBTimes
go to original October 16, 2013

Read the study: Migration and Remittance Flows: Recent Trends and Outlook, 2013-2016 (PDF)

Every end of the month, millions of Mexicans go to their banks and Western Union branches in Mexico City, Oaxaca and Puebla to withdraw the money sent to them by their relatives in the U.S. Reaching around $20 billion annually, remittances are a core part of Mexico’s economy - and for many people, the key income, the basis of their existence.

Remittances in Latin America are expected to add up to $61 billion this year. A little over a third - $22 billion - will go to Mexico, making it the largest recipient in Latin America and fourth in the world, as explained in a new report by the World Bank.

The institution predicted that remittances in Latin America would go up 2.5 percent in comparison to 2012. And the growth trend will continue, reaching $75 billion in 2014, and $84 billion in 2015.

But in Mexico, the report predicts, 2013 will see no increase from last year’s remittances. Analysts at the World Bank attribute this to the slow recovery of the U.S. economy and the decrease of Mexican immigration to the U.S.

Read the rest at IBTimes

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