According to a recent report from Reuters, Mexico's finance minister, Ernesto Cordero, said that the country's economy is poised for continued growth thanks to an already strong export sector that is becoming increasingly competitive.
"Things are looking better and better," Cordero told Reuters, supporting his previous projection that growth in Mexico could reach beyond the 5.5 percent increase the country saw in 2010. Cordero also said he approves of Mexico's rate of dollar purchases, which are boosting international reserves and show no sign of slowing over the future months.
Mexico currently has amassed more than $120 billion dollars in US currency and continues to buy $600 million US dollars each month in an effort to build a cushion that is capable of protecting the peso in the event of another financial crisis. "We don't think that we are going to change dramatically the way that we are accumulating foreign reserves," he recently told Reuters at the Latin American Investment Summit. "We feel very comfortable with that program.
Growth in the US economy is in part responsible for boosting Mexico's official forecast for growth in 2011, which is at a conservative 4 percent, a number that is well below many private sector projections. As for additional economic reforms that are in the works to help Mexico's economy, Cordero said it is largely up to Congress how far the reforms will go, adding that he hopes they will be passed.
The continued steady growth in Mexico's economy is good news for the country's citizens, visiting tourists and the expats who have chosen to retire in affordable luxury along the coast and with Mexico real estate. With a strong economic outlook, new developments will continue to improve the country's infrastructure and new projects will add to its ever-growing list of amenities, attracting new investment dollars from around the world.