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Peña Nieto Takes Office, Promising Security & Growth

09 December, 2012

Bloomberg reported that Mexico’s new President,Enrique Peña Nieto, has taken office amid a number of encouraging promises including the added security and growth of the nation. In his first move since taking office Dec. 1, the president and Mexico’s leading political parties have already signed a pact to increase competition in the telecommunications industry and to improve the nation’s educational system.

“We have to negotiate to build consensus,” Peña Nieto said. “Now is the decisive hour in the history of the country that demands politicians use common ground to reach essential agreements.”

The incoming president has promised to reduce crime, erase the budget deficit and increase competition in the nation’s communications industry. He has also vowed to create a national crime prevention program, calling for austerity in government spending, but pledging to accelerate infrastructure spending, which will continue to boost Mexico real estate.

“Peña Nieto takes over a $1.2 trillion economy that analysts forecast will grow 3.8 percent this year, more than Brazil,” writes Bloomberg. “He said his government will bring ‘21st century’ development to Mexico, promising a wider social safety net, more passenger railroads and less debt from state governments.”

The newly elected president’s government also reportedly plans to propose a new budget that will eliminate the deficit for 2013. In 2012, the Congress passed a budget in 2012 that predicts a deficit of only .4 percent of Mexico’s gross domestic product, or GDP. 

Peña Nieto’s party, the Institutional Revolutionary Party, or PRI, enjoyed the status of ruling party in Mexico for more than 70 years, until losing in 2000. In fact, many of Peña Nieto’s stated goals are almost identical to those of outgoing president Felipe Calderon’s National Action Party, or PAN. In November of 2012, the current PAN president Gustavo Madero promised to work with the PRI to continue Mexico’s forward momentum.

Topics: Economy Mexico Bloomberg Politics