CNN reported that Mexico’s economy is poised to contend with the current state of global uncertainty, according to specialists in the Mexico Review Program. According to the International Monetary Fund (IMF), Mexico’s economy is up around 3.5% for the year ending 2011, and is sufficiently robust to handle any fallout that comes from the European debt crisis.
“Mexico has good economic health,” stated Paloma Anós, who is the chief economist for Mexico and the Columbia World Bank. “The country has few financial imbalances, so it can lessen the shock of a possible global crisis.”
The IMF has also predicted that Mexico’s economy will grow by at least 3.5% in 2012, compared to projected global economic growth of around 3.3% and U.S. growth expected to remain largely unchanged with a growth rate of only 1.3%.
According to Sergio Martin, who is the chief economist for HSBC Mexico, it will be a priority in Mexico’s 2012 presidential election for the candidates to consider a number of additional options that will further enhance the country’s overall economic growth. For example, one major challenge for Mexico is to continue its recent job growth, providing additional employment opportunities and improving the quality of life for citizens throughout the country.
Also of note,Mexico real estate remains one of the world’s largest markets, according to Luis Tellez, who is president of the Bolsa Mexicana de Valores (BMV),and would be one of the countries least affected if Europe were to fall into a major recession.
“We will be in a group of countries that will be less affected,” stated Tellez. “Productivity in Mexico has increased substantially, we are not relying on low wages, and we are the world’s largest market.”
Furthermore, the Mexican Finance Ministry said that domestic demand continued to grow during the fourth quarter of 2011, although the global economic environment is still raising concerns about market volatility that could lead to weaker business and consumer confidence.