Mexico now receives more remittances than China
Migrants are sending record sums home—and shaping Latin America for the better
When covid-19 began to spread in early 2020, bosses in the United States booted millions of foreign-born workers from their jobs. That risked catastrophe for households across Latin America and the Caribbean, many of which cover essential expenses with money sent from relatives abroad. What happened next was a surprise. After crashing briefly, the amount remitted to these countries soared. Last year remittances reached a whopping $142bn, 48% more than in 2019.
Explore more
This article appeared in the The Americas section of the print edition under the headline “Paying back”
From the April 1st 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from The Americas
Canada has adopted assisted dying faster than anywhere on Earth
The province of Quebec now allows those with deteriorating illnesses to request an assisted death in advance
Tether’s move to El Salvador is a win for President Nayib Bukele
Why the stablecoin firm has picked the Central American country for its headquarters
From Greenland to Panama and Mexico, leaders are in shock
As Donald Trump eyes fine new pieces of real estate in the Americas and beyond
Canada and America have been fighting about timber for 40 years
As Donald Trump takes office, the chances of a lumber deal look slim
Justin Trudeau steps down, leaving a wrecked party and a divided Canada
Mark Carney and Chrystia Freeland are among those tipped as the next Liberal leader
Does made in Mexico mean made by China?
Donald Trump believes Mexico is a trojan horse for Chinese mercantilism