It is already happening in Mexico (in GDL where I live at least): The city has been a "tech hub" for a good 10 to 15 years with growing presence of technology

It is already happening in Mexico (in GDL where I live at least): The city has been a "tech hub" for a good 10 to 15 years with growing presence of technology firms (Oracle, IBM, HP, Tata, HCL, Cognizant, Intel, plus several small startups), paying roughly 1/3rd of the price per talent. In the last year, we have seen an increasing number of employees moving to remote jobs for American companies that decide to pay 1/2 the price per talent. This is a lot of money for locals and still a 50% saving for US companies. The bad thing is that, the start-up culture that was being formed here is starting to disappear. I know several CTO or CEOs friends who lost developers because they cannot compete with those salaries (paying in USD) when they are charging in MXN.