Macroeconomic Forecast Mexico

Remittances from overseas workers rose to US$1.8bn in February, up from US$1.6bn the previous month, an increase of 15.0% month-on-month (m-o-m), taking year-on-year (y-o-y) growth to negative 3.0% from -12.0% in January. However, we doubt this uptrend will continue throughout the year, as unemployment in the US increases forcing more and more Mexican migrant workers to return home, and as such have pencilled in year-end remittance level target of US$22.4bn, an 11.0% decrease from 2008.

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