Not so long ago, anyone in Brazil who wanted to make enough money to support their family was better off getting on the first flight out of there and going to work abroad.
But how things have changed. Now it seems it’s foreigners who are queuing up in Brazil to support their impoverished families back in the US and Europe.
According to data last week from Brazil’s central bank, remittances to Brazil only reached $1.97bn last year – the smallest amount since 2002.
After reaching a peak of $2.91bn in 2008, remittances fell to $2.22bn in 2009 and $2.08bn in 2010, as the crisis encouraged more Brazilians to return home.
Meanwhile, foreigners in Brazil have steadily been sending more money abroad.
In 1995 remittances to Brazil were almost 25 times higher than the money sent out of the country by foreign workers. But last year, for every dollar sent home by foreigners, only $2.43 was sent back by Brazilian workers abroad, the smallest difference in history, according to data compiled by O Estado de S.Paulo newspaper.
After years of making it extremely difficult for Brazilians to get visas to the US, no wonder then that President Barack Obama took it upon himself earlier this month to ease entry restrictions.
Not only does the US need Brazilians to spend their money in places like Disneyland and Miami shopping malls, but the risk of encouraging a wave of illegal workers is also far smaller.
After all, it would take a very brave Brazilian to leave their country now in the hope of finding a job in the US.
Related reading:
Boom time boosts Brazilian football, FT
London’s Brazilians: heading home?, beyondbrics
Brain drain reversed? Brazilians lured home by better prospects, beyondbrics
Sun sets on migrants’ Japanese dreams, FT
North begins to lose allure for Brazilians, FT
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