The worldwide Great Recession can be recalled a decade ago in the United States, which can be best described in relation to the sharp decline in remittances or also known to be the money sent by immigrants to their respective families. According to Dilip Ratha, World Bank’s lead economist for migration and remittances, the transmitted money had increase annually since 1980. But upon checking the data from 2009, the figures had abruptly lowered down. It further shows the remittances that moves out from the US had decreased by almost 9 percent during that year, from $55.5 billion in 2008 followed by $50.7 billion after a year. Remittances rebounded and successfully reached its record highs, however, tough times in the American economy emerged, particularly in Mexico, as remittance dollars could go a long way, according to MALDEF President Thomas Saenz. In the meantime, the total drop in US remittance acquired $5 billion and Mexico receded by $4 billion worth of remittances, from $26 billion in 2008 to $22 billion in 2009.
PAUTAN SEGERA
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