Remittances to Mexico will exceed foreign investment in 2021

Remittances to Mexico will exceed foreign investment in 2021

In the US, retail sales are above 20% prior to the pandemic, in Canada 10% above, in Mexico they are 10% below, and investment is 20% below what it was in 2013, when there were actually indexes. investment, and not at levels prior to canceling the airport or prior to the pandemic, he added in the panel: Recent evolution of the Mexican economy and structural capacity for growth, during the annual convention of the Mexican Institute of Finance Executives (IMEF).

In the first half of this year, the amount of remittances was higher than that of FDI.

This investment totaled 18,433 million dollars in January-June 2021, according to updated figures from the Ministry of Economy, in that same period, remittances totaled 23,647 million dollars. From January to September, remittances already amount to 37.334 million dollars, refer to data from the Bank of Mexico (Banxico). The FDI report at the end of the third quarter is pending publication and sent to Congress.

Thanks Biden!

The increases in remittances are related to the economic support that the United States gave its inhabitants in the face of the health emergency caused by COVID-19 and unemployment, explained Valeria Moy, general director of the Mexican Institute for Competitiveness (IMCO).

The economic recovery that Mexico has had this year is largely due to the increase in demand for manufactures in the United States, which has benefited the states that have a greater participation in the supply chains for the production of goods, added the specialist.

The states that receive the most remittances are: Jalisco, Michoacán, Guanajuato, the State of Mexico and Mexico City, reports information from Banxico.

Nuevo León, Mexico City, State of Mexico, Aguascalientes, San Luis Potosí, Querétaro and Puebla are the entities with the highest manufacturing exports this year, refer figures from the National Institute of Statistics and Geography (Inegi).

“The recovery has been very uneven, in every way: in the states of the country, in the reopening, the vaccine has helped, there are fewer restrictions in terms of mobility, this can help us, there is more encouragement of people to leave”, added Gabriel Casillas, president of the IMEF Economic Studies Committee.

They scare investments

Although spending includes a public investment of one trillion pesos for next year -the most important of the six-year term- the confidence that is given to investors with clear rules in the Mexican market should be strengthened, and public investment can attract private investment, Casillas said in a press conference prior to the convention.

Meanwhile, the probability that the electricity reform will be approved is already making investors noise, said Mariana Campos, coordinator of the Public Expenditure and Accountability Program of Mexico Evalúa.

“We are with this great white elephant in the room, which is the electrical reform that can hinder confidence, economic activity, there are even some business groups, which have already announced cuts in their investments or suspensions, until they are clear with the reform, the just because it is under discussion, it is already depleted ”, commented the economist at the Convention.

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