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Mexico grows above the world’s economy

Admin | 29.02.2012

Mexico is growing above the world economy and developed countries; however, structural reforms must be approved to achieve higher rates, according to Agustin Carstens, Governor of Mexico’s Central Bank, Banco de Mexico (Banxico).  

The economy is growing “reasonably well” reaching 3.9% growth in 2011, and this year it could be 3.5%, Mr. Carstens said.

Upon participating in the “7th Mexican Financial Summit”, organized by LatinFinance, he pointed out that inside G20 only three countries grow more than Mexico: China, India and Saudi Arabia, but the Mexican economy posts better rates than Brazil and South Africa.

However, he insisted, the Mexican economy still has challenges to face, such as growing at higher rates, between 5% and 6%, and to such purpose structural reforms must be made, in several areas, including labor, energy, communications and competition and end with a reform on law and justice.

An example of the progress that said country is making are the 92,000 jobs that have been created this year in Mexico, from January 1st to February 15th, according to President Felipe Calderon.

Upon inaugurating the Employment Fair in Ciudad Juarez, he pointed-out that in the first two weeks of February 42,000 jobs were generated. He even said that Ciudad Juarez is one of the sites with the largest employment generation in Mexico, unlike two years ago.

Cesar Duarte, Chihuahua’s Governor, said that “a labor reform is urgent for Mexico”; before President Felipe Calderon, who inaugurated the Employment Fair with 2,300 jobs, Governor Duarte expressed his support to changes in Federal Labor Law.