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Emigrants Sustain Mexican
Economy
Mexican emigrants do much more
for the domestic economy than
national business circles, who
from January to November sent
more than 15.3 billion dollars
to other nations.
La Jornada daily contrasted
wealthy businessmen, who work
for personal benefit and weaken
the economy, with poor emigrants
who send remittances to their
families that helps the
government.
The daily quotes the Bank of
Mexico (Banxico) saying this
represents the largest flight of
capital in six years, almost 663
million dollars more than the
remittances of that period, all
of which is generating interest
in foreign banks.
Overseas investments jumped from
111.3 billion dollars in 2001 to
nearly 134 billion in 2005 and
foreign investments went from
360 billion to 447.3 billion
dollars.
Until September Mexican capital
overseas totaled 133.7 billion
dollars, while foreign investors
had spent 450 billion in Mexico,
equivalent to 60 percent of the
GDP.
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