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Posted on: October 26th, 2007
Filed Under: [ Hispanic News ] [ Top Stories ] [ Your Money ]
Tags: border, Mexico, remittance, remittances, RSS
“But after years of strong increases, the amount of migrant money flowing to Mexico has stagnated. From 2000 to 2006, remittances grew to nearly $24 billion a year from $6.6 billion, rising more than 20 percent some years. In 2007, the increase so far has been less than 2 percent.
Migrants and migration experts say a flagging American economy and an enforcement campaign against illegal workers in the United States have persuaded some migrants not to try to cross the border illegally to look for work. Others have decided to return to Mexico. And many of those who are staying in the United States are sending less money home.
In the rest of the world, remittances are rising, up as much as 10 percent a year, according to Donald F. Terry of the Inter-American Development Bank. Last year, migrant workers worldwide sent more than $300 billion to developing countries — almost twice the amount of foreign direct investment.”*
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