Mexico | Remittances would grow more than double that of the Mexican economy in 2024

Summary

Mexico's dependence on remittances reached a maximum of 4.0% of GDP in 2022. It is estimated that remittances would represent 3.5% of GDP in 2023 and by 2024 they will reach 3.7%. The appreciation of the Mexican peso (MXN) against the US dollar (USD) has relatively reduced Mexico's dependence on these resources.

Key points

• Key points:
• In November 2023, $4,908 million dollars in family remittances arrived in Mexico, +1.9% compared to November 2022.
• It is forecast that the Mexican economy could grow 2.9% by 2024, while remittances would increase this year by 6.6% to reach 67.6 billion US dollars.
• Although remittances accumulated a streak of 43 consecutive months of growth, the appreciation of the Mexican peso (MXN) against the US dollar (USD) has relatively reduced Mexico's dependence on these resources.
• Mexico's dependence on remittances reached a maximum of 4.0% of GDP in 2022. It is estimated that remittances would represent 3.5% of the country's GDP in 2023 and by 2024 they will reach 3.7%.

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