Mexico | Remittances will close 2022 at a record high (58.4 billion), grew 3% in November

Summary

Mexico consolidates as the second country that receives the most remittances, it will surpass China by more than 7 billion dollars, which is in third position in 2022. Despite the adverse economic conditions, the World Bank forecasts that world remittances will increase 2.7 % in 2023.

Key points

• Key points:
• In the last month of November, 4,801 million dollars entered Mexico through family remittances (+3.0%). Thus, remittances accumulate a streak of 31 consecutive months of growth since May 2020.
• It is estimated that remittances to Mexico by 2022 could close at more than 58.4 billion dollars (+13.3%). By 2023 remittances to the country will continue to grow but at a more moderate pace, considering a possible scenario where the world economy could slow down.
• Mexico consolidates itself as the second country that receives the most remittances, it will surpass China by more than 7 billion dollars, which is in third position in 2022.
• Despite the adverse economic conditions, the World Bank forecasts that global remittances will increase 2.7% in 2023.
• Latin America and the Caribbean will be the region with the greatest dynamism in the receipt of remittances during 2023, it is forecast that they will grow 4.7%.

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