Thursday, January 30, 2014
Mexico gets a very poor 2013 economic report card
*Updated Feb. 21*
Mexico's national economy grew but 1.3% in 2013, a four year low according to the nation's federal tax and budget office. The bad news had been expected for many weeks.
In 2012 the Mexican economy grew more than three times that amount, topping out at exactly 4%. In a Jan. 25, 2013 speech, president Enrique Peña Nieto told an economic summit in Santiago, Chile that his country was poised for an encore in the year ahead. But by early summer the nation's central bank warned that rough seas were on the horizon. Banixco raises storm flag warning on Mexican economy. Expansion estimates dropped the remainder of the year, with some fearing the economy might grow 1% or less in 2013.
Mexico's Hacienda and the central bank have forecast a dramatic improvement in 2014, but have yet to offer a convincing case for that contention.
What does Mexico need to do to promote economic growth? In the opinion of this writer, it all Hinges on Justice (Feb. 12, 2014).
Feb. 21 - The government revised its 2013 GDP growth report today, saying it was only 1.1% - its worst performance since 2009.
Feb. 28 - Merrill Lynch: weak U.S. demand, domestic insecurity will continue to challenge Mexican economy in 2014
May 23 - Mexico slashes 2014 growth projection, on sluggish first quarter economic performance
Nov. 26 - Mexico's economic woes take a toll on Yucatán business
Oct. 8 - Wal-Mart sales in free fall a good barometer of a Mexican economy on the skids
Sept. 27 - Credit Suisse: storms will further reduce Mexican growth
Sept. 18 - Mexico is in full recession, say business executives
Aug. 31 - Bank of America Merrill Lynch: Mexico in huge economic hole; looming "risk of recession"
Aug. 21 - Sluggish Mexican economy worries foreign investment experts
© MGR 2014. All rights reserved. This article may be cited or briefly quoted with proper attribution or a hyperlink, but not reproduced without permission.
at 11:50 PM