Remittances are a “medicine” for economic recovery

Remittances are a “medicine” for economic recovery

In 2020, relieve the shortage of money due to job losses in many families

  • By: Brenda Garza
  • July 19, 2021 21:50

Nuevo Leon: Over the past year, remittances have become An ally for economic recovery The state and its states, highlighted by Concanaco Servytur.

In fact, the agency considered that resources derived from increased remittances have helped – since 2020 – this number Societies maintain consumption levels Inland local.

President of the Federation of National Chambers of Commerce, Services and Tourism (Concanaco Servetor), Jose Manuel Lopez Campos, because in that period, the leakage of this concept was more than 40,000 million dollars in the country.

These resources have benefited primarily from the small communities from which immigrants working in the United States hail, because in the face of business shutdowns and non-essential activities, remittances have alleviated a shortage of funds due to job losses in many families.

According to figures from the Bank of Mexico, in the first four months of this year, the country received, mainly from the United States, cash shipments of $14,663 million, or more than 290,000 million pesos, which means an increase of about 20% compared to a year earlier. 2020.

“In other words, remittances have been a dampening factor for the Mexican economy and for the revival of local consumption, especially in the communities that register a large number of immigrants in the neighboring country in the north, and that send monthly resources to their families, most of which invest in the purchase of the basic basket which are local products.”

At the same time, he announced that the prospects for increased remittances for 2021, which according to estimates by the BBVA Department of Analysis will reach $50,000 million, represent an important contribution to the states’ economy to mitigate the economic fallout for visitors. Because the United States government has issued a red alert so that its residents will not travel to some destinations in Mexico.

López Campos, noted that this figure at the exchange rate would represent nearly 1 trillion pesos, which is positive for the economy of states with immigrants in the United States, because they are resources that family members in Mexico get to buy basic products. .

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