Possible Reasons for Rise in Money Remittance to Mexico
Remittances sent to Mexico have been rising steadily over the past few years, according to some encouraging new studies. This past quarter in the first part of 2015 saw roughly $5.7 billion in money remittance to Mexico, which is a 4.9% increase from the same fiscal period last year. The rise in remittance, some experts say, indicates good things about the quality of life in Mexico in 2015. That said, although the Inter-American Development Bank argues that these findings suggest that Mexico’s economy is improving, other facts point to an opposite narrative.
Critics argue that many Latin nations have failed, by and large, to make their countries livable for common citizens — this, they say, is why so much money is being sent to countries like Mexico. In addition to an increase in remittance money in Mexico, Guatemala saw an 8.6% increase, and Honduras saw an 8.8% rise. Latin citizens cannot earn the wages they need to survive in their home countries, according to this narrative, so they have no choice but to work in places like America and send money to Mexico or their country of origin.
The Obama Administration encouraged the immigration of Latin Americans last year, which led to a 6.3% rise in migrant workers over 2013 numbers. The growing rate of immigration into the United States and the skyrocketing rate of money transfer to Mexico could be a sign that political conditions in Latin countries have been taking a toll on citizens and crippling local economies.
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