Friday, March 16, 2007

Remittances Slowing

The Financial Times (here) has a fascinating story on the slowing of the growth of remttances sent by migrants to their home countries.  According to the Times, migrant workers sent back more than $62.3bn to their families in Latin America and the Caribbean last year, a rise of 14 per cent on 2005. The figures, which will be released this weekend at the annual conference of the Inter-American Development Bank, confirm that remittances have become one of the region's most important sources of foreign exchange, exceeding for the fourthyear in a row the combined total for foreign direct investment and overseas aid. 

Remittances still are growing but growth as slowed, almost to a trickle (1%) for Mexico.  This may be a result of increased border enforcement.  And it may be temporary.  It is hard to tell at this point.

My colleague Joel D, one of my best sources, passed this story on to me.


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Most folks who have not been there do not understand the processes. It is VERY difficult to walk across ALL of that desert. All of it. And in the old days with the same criminal coyotes doing the leading, the Border Patrol Officers in Arizona called a LOT of morgue wagons. Mexico knows that.. Mexico published that stinking comic book that provided 'expert' help getting across the desert. (May that expert official do his own brain surgery very soon!)

The Border Patrol goes out and watches the sky. Where they see buzzards, they move to investigate. It is astonishing, to hear of the number of poor working people from Mexico who die out in that desert with buzzards and crows watching. With the fences going up, and the National Guard in place, the poor working folks are not coming any more. Maybe.. if we are very lucky in our country, they have begun to ask their government to get straight... and do a accounting that halts the corruption. Maybe even.. the Catholic Church got its head on too. Mexico might just wind up going straight after all this effort and the people of these two countries will live where choice allows them. And that IS something to work for.

Posted by: Joel E. Wischkaemper | Mar 16, 2007 9:43:31 AM

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