Macroeconomic Forecast Mexico

Mexico recorded remittances inflows of US$2.3bn in May 2012, representing solid 7.8% y-o-y growth. However, in coming months, we expect remittance growth will remain a modest, averaging 7.0%, and reaching US$24.3bn by end-2012. US unemployment levels remain fairly high, and combined with new demographic trends - namely an aging population resulting in fewer Mexicans willing to travel abroad for work - we believe this will keep remittance inflows more subdued in the coming quarters.

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