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Thread: Report: Mexico collects BILLIONS from citizens living abroad

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  1. #1
    Senior Member lorrie's Avatar
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    Report: Mexico collects BILLIONS from citizens living abroad

    Report: Mexico collects BILLIONS from citizens living abroad

    October 5, 2017



    The World Bank estimates that, in 2017, Mexico is on pace to receive more remittances from abroad than ever before.

    Estimates released by the organization on Tuesday suggest that Mexico is likely to receive more than $30 billion from its citizens living around the world.

    Mexico already collects more remittances than any other Latin American country. But in 2017, they’re set to take in 6.5 percent more than in 2017, as Mexicans living elsewhere will likely send them $30.5 billion, according to the estimate.

    Nearly 95 percent of Mexico’s annual remittance haul comes from the U.S., according to Mexican bank BBVA Bancomer, as reported by the Daily Caller (DC). The publication writes that while President Donald J. Trump’s tougher stance on immigration enforcement is reducing the flow of people crossing the U.S.-Mexico border, remittances to Mexico from the U.S. have been on the rise.

    The report cites the improved labor market conditions that have helped immigrants in America over the past few years, as well as the falling cost of sending money abroad, for the boon.

    “An improving labor situation for the foreign-born population and Hispanics in the United States bodes well for the immediate prospects for remittances to the region,” the World Bank-sponsored Global Knowledge Partnership on Migration and Development (KNOMAD) report said. “Furthermore, a tighter U.S. labor market, which is close to reaching full employment, seems to be facilitating higher compensation in some sectors, especially in the construction sector, which tend to favor the average volume of remittances.”

    Some Republicans have suggested that remittances to Mexico may be a potential source of funding for the wall along the southwest border.
    Remittances are a significant source of Mexico’s income, according to the World Bank report, which says total personal remittances to Mexico accounted for 2.7 percent of gross domestic product in 2016.

    In the same year, Mexico’s $27 billion in remittances exceeded the value of its $18 billion in oil exports.

    In the meantime, the wall between the U.S.-Mexico border is one step closer to reality. The House Homeland Security Committee approved a new border security bill that includes $10 billion in funding for the project on Wednesday.

    Already in the works are eight prototypes for the wall, production of which had begun on Sep. 26. Four of the prototypes are being made of concrete, and the other four will be
    constructed of “other materials.”

    The first prototype, a 30-foot tall concrete slab, is being constructed at the U.S.-Mexico border in San Diego, Calif. U.S. Customs and Border Protection (CBP) said they’re “committed to securing our border and that includes constructing border walls.”

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    Senior Member nomas's Avatar
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    THIS is the contribution DACA recipients make... it ain't to our economy it's to Mexico's!
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