Mexican citizens living and working abroad (mostly in the United States) are giving relatives back home much-needed financial support while the economy struggles to recover from the Covid pandemic.
According to the Banco de Mexico, this country’s central bank, remittances sent back to Mexico by migrants increased by 27.1 percent last year, exceeding US$51 billion.
The figure represents a new record for remittances, and the highest annual increase in 18 years. Remittances in 2021 represented 4.1 percent of Mexico’s gross domestic product, a figure that has doubled in the last decade.
The Center for Latin American Monetary Studies (CEMLA) said the uptick in the U.S. economy meant that around 434,000 new jobs have been created for Mexican migrants over the past 12 months.
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