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Remittance

by ZihuaRob ⌂ @, Zihuatanejo, México, Tuesday, April 28, 2020, 13:51 (2389 days ago) @ Canada Pete

I imagine food and abject poverty will increase substantialy as long as remittance payments are down from the USA.

Remittance from Mexicans working in the USA is a larger part of the GDP than oil or tourism sectors. In fact, Remittances from the USA is Mexico's largest sector in GDP surpassing oil in 2017.

Until the USA is allowed to open, Mexico will feel the pain.

Maybe in the Sierra of Guerrero and in Michoacán remittances are being missed, but they've never been a significant or noteworthy part of our local economy.

Some small businesses are getting low-interest credits and loans. The elderly and the NINIs are getting some government benefits. The service sector, small businesses and their employees are taking the biggest hit. One odd thing the local government did was to distribute food to the fishermen instead of people who don't catch their own food for a living. Some fishermen are actually giving their catch to needy people in the colonias.


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