According to a Wall St. Journal report,31 separate economists have raised their economic growth forecast for Mexico for 2010. Surprisingly,this good news comes at a time when recent U.S. data indicates a economic slowdown for Mexico’s northern neighbor.
Analysts expect Mexico’s economy,which is already surging out of the recession,to increase 4.5% this year,up almost a full point from their estimate in June. Mexico’s economic boost is primarily coming from a surge in manufacturing exports and private investments.
The Mexican economy is benefitting from one of the lowest business tax environments,double-digit bank loan growth,lower unemployment,low national debt,an up-tick in tourism and increased inflow of real estate investments. Mexico has one of the most stable economies worldwide coming out of the recession and Mexico’s President,Felipe Calderon,expects to have a balanced budget in 2010 as revenues recover along with the economy.
Mexico’s economic revenues grew $1.4 trillion in the first 6 months of 2010 and is expected to improve even more in the second half,putting Mexico on pace to be one of the few governments world wide to boast a balance budget.