In the news: Mexican migrants sending less money home
An IHT story this morning discusses the stagnation and decline of remittances from Mexican migrants working in the US. Immigration crackdowns, greater concerns over deportation, and difficulty obtaining work without documentation are among the reasons cited. However, the situation of Mexican migrants goes against the global trends:
In the rest of the world, remittances are rising, up as much as 10 percent a year, according to Donald 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. (IHT)
Two interesting developments as a result of this new environment for migrant workers are noted briefly: migrants in the US are saving more money for emergencies, and their families at home are engaging in more microenterprise, especially related to agriculture, as the flow of money from the North dries up.